1. (1) This Act may be called the National Bank for Agriculture and Rural Development
(Amendment) Act, 2018.
(2) It shall come into force on such date as the Central Government may, by notification
in the Official Gazette, appoint, and different dates may be appointed for different provisions
of this Act.
2. In the National Bank for Agriculture and Rural Development Act, 1981 (hereinafter
referred to as the principal Act), in the long title, for the words “small-scale industries,
cottage and village industries”, the words “micro-enterprises, small enterprises and medium
enterprises, cottage and village industries, handlooms” shall be substituted.
Amendment
of long title.
61 of 1981.
EXTRAORDINARY
PART II — Section 1
PUBLISHED BY AUTHORITY
No. 7] NEW DELHI, FRIDAY, JANUARY 19, 2018/PAUSHA 29, 1939 (SAKA)
Separate paging is given to this Part in order that it may be filed as a separate compilation.
REGISTERED NO. DL—(N)04/0007/2003—18
MINISTRY OF LAW AND JUSTICE
(Legislative Department)
New Delhi, the 19th January, 2018/Pausha 29, 1939 (Saka)
The following Act of Parliament received the assent of the President on the
18th January, 2018, and is hereby published for general information:—
2 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—
3. In section 2 of the principal Act,––
(a) clause (i) shall be omitted;
(b) after clause (k), the following clause shall be inserted, namely:––
‘(ka) “micro enterprise”, “small enterprise” and “medium enterprise”, shall
have the same meanings as are respectively assigned to them in the Micro, Small
and Medium Enterprises Development Act, 2006;’;
(c) in clause (q), in the Explanation, in clause (a), for the words “industry in the
tiny and decentralised sector and small-scale industry and handicrafts”, the words
“micro-enterprises, small enterprises and medium enterprises, handicrafts, handlooms”
shall be substituted;
(d) clause (t) shall be omitted.
4. In section 3 of the principal Act, in sub-section (3), for the word “Bombay”, the word
“Mumbai” shall be substituted.
5. In section 4 of the principal Act,––
(a) in sub-section (1), for the proviso, the following provisos shall be substituted,
namely:––
“Provided that the Central Government may, by notification, increase the
said capital up to thirty thousand crore rupees:
Provided further that the Central Government may, in consultation with
the Reserve Bank and by notification, further increase the said capital to such
amount as it may deem necessary from time to time.”;
(b) for sub-section (2), the following sub-sections shall be substituted, namely:—
“(2) The capital of the National Bank which has been subscribed to by the
Reserve Bank valued at twenty crore rupees as on the date immediately preceding
the commencement of the National Bank for Agriculture and Rural Development
(Amendment) Act, 2017 shall, on such commencement, stand transferred to, and
vested in, the Central Government:
Provided that the National Bank may issue capital to such institutions and
persons in such manner as may be notified by the Central Government:
Provided further that the shareholding of the Central Government shall
not at any time be less than fifty-one per cent. of the total subscribed capital.
(3) The Central Government shall give to the Reserve Bank an amount
equal to the face value of the subscribed capital, valued at twenty crores of
rupees, referred to in sub-section (2), in cash, for transfer to, and vesting in the
Central Government of the capital of the National Bank which has been so
subscribed to by the said Bank.”.
6. In section 6 of the principal Act, in sub-section (1), in clause (b), for the words
“small-scale industries”, the words “micro-enterprises, small enterprises and medium
enterprises” shall be substituted.
7. In section 14 of the principal Act, in sub-section (1), for the words “small-scale
industries”, the words “micro-enterprises, small enterprises and medium enterprises” shall
be substituted.
8. In section 21 of the principal Act, in sub-section (1), in clause (v), for the words
“small-scale industries, industries in the tiny and decentralised sector, village and cottage
industries or of those engaged in the field of handicrafts,”, the words “village and cottage
industries, micro-enterprises, small enterprises and medium enterprises or of those engaged
in the field of handicrafts, handlooms” shall be substituted.
Amendment
of section 2.
Amendment
of section 3.
27 of 2006.
Amendment
of section 4.
Amendment
of section 6.
Amendment
of section 14.
Amendment
of section 21.
SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 3
9. In section 23 of the principal Act, for the words “small-scale industries, industries in
the tiny and decentralised sector, village and cottage industries and those engaged in the
field of handicrafts and other rural crafts,”, the words “village and cottage industries, micro
enterprises, small enterprises and medium enterprises and those engaged in the field of
handicrafts, handlooms and other rural crafts” shall be substituted.
10. In section 25 of the principal Act, in sub-section (1), in clause (c), for the words
“small-scale industries, industries in the tiny and decentralised sector, village and cottage
industries and those engaged in the field of handicrafts”, the words “village and cottage
industries, micro-enterprises, small enterprises and medium enterprises and those engaged
in the field of handicrafts, handlooms” shall be substituted.
11. In section 37A of the principal Act, in sub-section (1),––
(a) in the proviso, in clauses (a) and (b), for the words and figures “in section 617
of the Companies Act, 1956”, the words, brackets and figures “in clause (45) of section
2 of the Companies Act, 2013” shall be substituted;
(b) in the Explanation, for the words, brackets and figures “in clause (41) of
section 2 of the Companies Act, 1956”, the words, brackets and figures “in clause (77)
of section 2 of the Companies Act, 2013” shall be substituted.
12. In section 48 of the principal Act, in sub-section (1), for the words and figures
“section 226 of the Companies Act, 1956”, the words and figures “section 141 of the
Companies Act, 2013” shall be substituted.
13. In section 52A of the principal Act, in sub-section (1), for the words and figures
“the Companies Act, 1956”, the words and figures “the Companies Act, 2013” shall be
substituted.