# The Finance Act, 2021, Section 165: Amendment of section 3

- Act: The Finance Act, 2021
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2021/section/165/

## 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).".

---
Published by eCourtsIndia together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957.