{"act":{"id":"finance-act-2021","short_title":"The Finance Act, 2021","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2021-2022.","act_number":null,"act_year":2021,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":180,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2021/"},"unit":"section","section":{"number":"165","heading":"Amendment of section 3","text":"Amendment of section 3. 165. In the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 (53 of 2003), in section 3, in sub-section (2),- (i) | in the opening paragraph, the words \"in addition to the business which may be carried on and transacted by the Development Bank\" shall be omitted; (ii) | after the proviso, the following proviso shall be inserted, namely:- \"Provided further that the provisions of clause (a) to the proviso, shall cease to be applicable immediately after the commencement of Part XIII of the Finance Act, 2021, and from such commencement, the Company shall be deemed to have obtained licence under section 22 of the Banking Regulation Act, 1949 (10 of 1949).\".","html":"<p><b>Amendment of section 3.</b></p><p><b>165. </b>In the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 (53 of 2003), in section 3, in sub-section (<i>2</i>),-</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>in the opening paragraph, the words \"in addition to the business which may be carried on and transacted by the Development Bank\" shall be omitted;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>after the proviso, the following proviso shall be inserted, namely:-</td></tr><tr><td></td><td></td><td>\"<b>Provided</b> further that the provisions of clause (<i>a</i>) to the proviso, shall cease to be applicable immediately after the commencement of Part XIII of the Finance Act, 2021, and from such commencement, the Company shall be deemed to have obtained licence under section 22 of the Banking Regulation Act, 1949 (10 of 1949).\".</td></tr></table></div>","words":118,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2021/section/165/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}