6. Concession, etc., to be deemed to have been granted to Company.—With effect from the
appointed day, all fiscal and other concessions, licences, benefits, privileges and exemptions granted to
the Development Bank, in connection with the affairs and business of the Development Bank under any
law for the time being in force shall be deemed to have been granted to the Company.
7. Tax exemption or benefit to continue to have effect.—(1) Where any exemption from, or any
assessment with respect to, any tax has been granted or made or any benefit by way of set off or carry
forward of any unabsorbed depreciation or investment allowance or other allowance or loss has been
extended or is available to the Development Bank under the Income-tax Act, 1961 (43 of 1961), such
exemption, assessment or benefit shall continue to have effect in relation to the Company.
(2) Where any payment made by the Development Bank is exempted from deduction of tax at source
under any provision of the Income-tax Act, 1961 (43 of 1961), such exemption will continue to be
available as if the provisions of the said Act made applicable to the Development Bank were operative in
relation to the Company.
(3) The transfer and vesting of the undertaking of the Development Bank or any part thereof in terms
of section 3 shall not be construed as a transfer within the meaning of the Income-tax
Act, 1961 (43 of 1961) or any other law for the time being in force.
8. Guarantee to be operative.—Any guarantee given for or in favour of the Development Bank with
respect to any loan, lease, finance or other assistance shall continue to be operative in relation to the
Company.
9. Shares, bonds and debentures to be deemed to be approved securities.—Notwithstanding
anything contained in any other law for the time being in force, the shares, bonds and debentures of the
Company shall be deemed to be approved securities for the purposes of the Indian Trusts
Act, 1882 (2 of 1882) and the Insurance Act, 1938 (4 of1938).
5
10. Act to have overriding effect.—The provisions of this Act shall have effect notwithstanding
anything inconsistent therewith contained in any enactment other than this Act or in any instrument
having effect by virtue of any enactment other than this Act.
11. Application of other laws not barred.—The provisions of this Act shall be in addition to, and
not in derogation of the provisions of any other law for the time being in force.
12. Amendment to certain enactments.—The enactments specified in the Schedule to this Act shall
be amended in the manner provided therein.
13. Substitution in Acts, rules, regulations or notifications by Company in place of Development
Bank.—In every Act, rule, regulation or notification in force on the appointed day,—
(a) for the words “Industrial Development Bank of India”, wherever they occur, the words
“Industrial Development Bank of India Limited referred to in clause (b) of section 2 of the Industrial
Development Bank (Transfer of Undertaking and Repeal) Act, 2003” shall be substituted;
(b) for the words “Development Bank”, wherever they occur, the words “Industrial Development
Bank of India Limited referred to in clause (b) of section 2 of the Industrial Development Bank
(Transfer of Undertaking and Repeal) Act, 2003” shall be substituted;
(c) for the words and figures “the Development Bank means the Industrial Development Bank of
India, established under section 3 of the Industrial Development Bank of India Act, 1964
(18 of 1964)”, the words, brackets, letter and figures “the Industrial Development Bank of India
Limited referred to in clause (b) of section 2 of the Industrial Development Bank (Transfer of
Undertaking and Repeal) Act, 2003” shall be substituted;
(d) for the words and figures “the Industrial Development Bank of India, established under
section 3 of the Industrial Development Bank of India Act, 1964 (18 of 1964)”, the words, brackets,
letter and figures “the Industrial Development Bank of India Limited referred to in clause (b) of
section 2 of the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003” shall
be substituted.
14. Power to remove difficulties.—(1) If any difficulty arises in giving effect to the provisions of
this Act, the Central Government may, by order published in the Official Gazette, make such provisions
not inconsistent with the provisions of this Act as may appear to it to be necessary or expedient for
removing the difficulty:
Provided that no such order shall be made after the expiry of three years from the date of
commencement of this Act.
(2) Every order made under this section shall be laid, as soon as may be after it is made, before each
House of Parliament.
15. Repeal and saving of Act 18 of 1964.—(1) On the appointed day, the Industrial Development
Bank of India Act, 1964, shall stand repealed.
(2) Notwithstanding the repeal of the Industrial Development Bank of India Act, 1964, the provisions
of section 30A of the Act so repealed will continue to be applicable in respect of the arrangement entered
into by the Development Bank with an industrial concern up to the appointed day and the Company will
be entitled to act upon and enforce the same as fully and effectually as if this Act has not been enacted.