Substitution of section 31

Section 159 of the Finance Act, 2019 (No. 2) deals with substitution of section 31. Substitution of section 31 159. For section 31 of the principal Act, the following section shall be substituted, namely:— "31.

Substitution of section 31

159. For section 31 of the principal Act, the following section shall be substituted, namely:—

"31. Power of National Housing Bank to collect information from housing finance institutions as to deposits.—(1) The National Housing Bank may at any time direct that every housing finance institution which is a company accepting deposits shall furnish to the National Housing Bank and the Reserve Bank in such form, at such intervals and within such time, such statements, information or particulars relating to or connected with deposits received by such housing finance institution, as may be specified by the National Housing Bank by general or special order.

(2) Without prejudice to the generality of the power vested in the National Housing Bank under sub-section (1), the statements, information or particulars to be furnished under sub-section (1), may relate to all or any of the following matters, namely, the amount of the deposits, the purposes and periods for which, and the rates of interest and other terms and conditions on which, such deposits are received.

(3) Every housing finance institution which is a company receiving deposits, shall, if so required by the National Housing Bank and within such time as the National Housing Bank may specify, cause to be sent at the cost of such housing finance institution, a copy of its annual balance-sheet and profit and loss account or other annual accounts to every person from whom the housing finance institution which is a company holds, as on the last day of the year to which the accounts relate, deposits higher than such sum as may be specified by the National Housing Bank.".

Section 159, The Finance Act, 2019 (No. 2).