12. Concession, etc., to be deemed to have been granted to specified undertaking.—With effect
from the appointed day, all fiscal and other concessions, licences, benefits, privileges and exemptions
granted to the Trust in connection with the affairs and business of the specified undertaking of the Trust
under any law for the time being in force shall be deemed to have been granted in relation to the specified
undertaking.
13. Tax exemption or benefit to continue to have effect.—(1) Notwithstanding anything contained
in the Income-tax Act, 1961 (43 of 1961) or any other enactment for the time being in force relating to tax
on income, profits or gains, no income-tax or any other tax shall be payable by the Administrator in
relation to the specified undertaking 1
[for the period beginning on the appointed day and ending on the
2
[31st day of March, 2025]] in respect of any income, profits or gains derived, or any amount received in
relation to the specified undertaking.
(2) The transfer and vesting of the undertaking or the specified undertaking in terms of section 4 shall
not be construed as a transfer within the meaning of the Income-tax Act, 1961 (43 of 1961) for the
purposes of capital gains.
14. Exemption from stamp duty.—Notwithstanding anything contained in the Indian Stamp
Act, 1899 (2 of 1899), the transfer and vesting of the undertaking and the specified undertaking in terms
of section 4 shall not be liable to the payment of any stamp duty under that Act.
15. Guarantee to be operative.—Any guarantee given for or in favour of the Trust with respect to
any loan, lease, finance or other assistance shall continue to be operative in relation to the specified
undertaking managed by the Administrator.
16. Protection of action taken in good faith.—No suit or other legal proceedings shall lie against
the Central Government or the Administrator, Board of Advisers or any of the officers or other employees
of the Central Government for any damage caused or likely to be caused by anything which is in good
faith done or intended to be done under this Act.
17. Shares, bonds, debentures and units to be deemed to be approved
securities.—Notwithstanding anything contained in any other law for the time being in force, the shares,
bonds, debentures and units of the specified undertaking shall be deemed to be approved securities for the
purposes of the Indian Trusts Act, 1882 (2 of 1882), the Insurance Act, 1938 (4 of 1938) 3***.
18. Substitution in every Act, rule, regulation or notification by specified company or
Administrator in place of Trust.—In every Act, rule, regulation or notification in force on the appointed
day, for the words “Unit Trust of India”, wherever they occur, the words, brackets and figures “specified
company referred to in the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002” or
“Administrator of the specified undertaking of the Unit Trust of India referred to in the Unit Trust of India
(Transfer of Undertaking and Repeal) Act, 2002”, as the case may be, shall be substituted.
19. Power of Central Government to alter Schedules I and II.—(1) The Central Government may,
by notification in the Official Gazette, alter Schedules I and II.
1. Subs. by Act 18 of 2008, s. 123, for “for a period of five years computed from the appointed day” (w.e.f. 1-2-2008).
2. Subs. by Act 8 of 2023, s. 173, for “31st day of March, 2023” (w.e.f. 1-4-2023).
3. The words and figures “and the Banking Regulation Act, 1949” omitted by Act 4 of 2013, s. 17 and Schedule (w.e.f. 18-1-
2013).
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(2) Every alteration made by the Central Government under sub-section (1) shall be laid, as soon as
may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty
days which may be comprised in one session or in two or more successive sessions, and if, before the
expiry of the session immediately following the session or the successive sessions aforesaid, both Houses
agree in making any modification in the alteration, or both Houses agree that the alteration should not be
made, the alteration shall thereafter have effect only in such modified form or be of no effect, as the case
may be; so, however, that any such modification or annulment shall be without prejudice to the validity of
anything previously done under that alteration.
20. Power of Central Government to make Scheme.—(1) The Central Government may, by
notification in the Official Gazette, make a Scheme for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, the said Scheme may
provide for all or any of the following matters, namely:—
(a) the manner in which the specified undertaking and schemes and assets and investments
specified in Schedule I shall be managed;
(b) the term of office of the Advisers, the fee and allowances and other conditions of appointment
of the Advisers, disqualifications for being an Adviser, filling up of casual vacancy in the office of
Adviser, the meetings of Board of Advisers, vacation and resignation of office of the Advisers;
(c) the manner of payment of consideration for which the undertaking shall be transferred to the
specified company;
(d) the assets representing and relatable to the undertaking and the specified undertaking; and
(e) such incidental, consequential and supplemental matters as may be necessary to carry out the
provisions of this Act.
(3) Every Scheme made under sub-section (1) shall be laid, as soon as may be after it is made, before
each House of Parliament, while it is in session, for a total period of thirty days which may be comprised
in one session or in two or more successive sessions, and if, before the expiry of the session immediately
following the session or the successive sessions aforesaid, both Houses agree in making any modification
in the Scheme or both Houses agree that the Scheme should not be made, the Scheme shall thereafter
have effect only in such modified form or be of no effect, as the case may be; so, however, that any such
modification or annulment shall be without prejudice to the validity of anything previously done under
that Scheme.
21. Repeal and saving of Act 52 of 1963.—(1) On the appointed day, the Unit Trust of India
Act, 1963 shall stand repealed and the Board of trustees referred to in section 10 of the said Act (herein
after referred to as the repealed Act) shall stand dissolved.
(2) On the dissolution of the said Board, the person appointed as the Chairman of the Board and every
other person appointed as the trustee and executive trustee and holding office as such immediately before
such date shall vacate their respective offices.
(3) Notwithstanding such repeal, anything done or any action taken or purported to have been done or
taken including any rule, regulation, notification, scheme, inspection, order or notice made or issued or
any appointment, confirmation or declaration made or any permission, authorisation or exemption granted
or any document or instrument executed or any direction given under the Act hereby repealed shall, in so
far as it is not inconsistent with the provisions of this Act, be deemed to have been done or taken under
the corresponding provisions of this Act.
(4) Notwithstanding the repeal of the Unit Trust of India Act, 1963 (52 of 1963), the Administrator
shall, so far as may be, comply with the provisions of Chapter VI of the Act so repealed for any of the
purposes related to the annual accounts and audit of the Trust.
22. Act to have overriding effect.—The provisions of this Act shall have effect notwithstanding
anything in consistent therewith contained in any enactment other than this Act or in any instrument
having effect by virtue of any enactment other than this Act.
10
23. 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.
24. 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 in consistent with the provisions of this Act as appear to it to be necessary or expedient for removing
the difficulty:
Provided that no order shall be made under this section after the expiry of two years from the date of
commencement of this Act.
(2) Every order made under this section shall, as soon as may be after it is made, be laid before each
House of Parliament.
25. Repeal and saving.—(1) The Unit Trust of India (Transfer of Undertaking and Repeal)
Ordinance, 2002 (Ord. 5 of 2002) is hereby repealed.
(2) Notwithstanding the repeal of the Unit Trust of India (Transfer of Undertaking and Repeal)
Ordinance, 2002 (Ord. 5 of 2002), anything done or any action taken under the said Ordinance, shall be
deemed to have been done or taken under the corresponding provisions of this Act.