Section 48 - Exemption of Bank from income-tax and super-tax, Section 49 - Publication of Bank rate, Section 50 - Auditors : RBI Act 1934

What is Exemption of Bank from income-tax and super-tax? What is Publication of Bank rate? Who are Auditors? Section 48, 49 and 50 of Reserve Bank of India Act 1934

Section 48 of RBI Act 1934 : "Exemption of Bank from income-tax and super-tax "

(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 income-tax or super-tax, the bank shall not be liable to pay income-tax or super-tax on any of its income, profits or gains.

Section 49 of RBI Act 1934: "Publication of Bank rate"

The Bank shall make public from time to time the standard rate at which it is prepared to buy or re-discount bills of exchange or other commercial paper eligible for purchase under this Act.

Section 50 of RBI Act 1934: "Auditors"

(1) Not less than two auditors shall be appointed, and their remuneration fixed, by the Central Government.

(2) The auditors shall hold office for such term not exceeding one year as the Central Government may fix while appointing them, and shall be eligible for re-appointment.

RBI ACT 1934

Section 45 N - Inspection

Section 45NA - Deposits not to be solicited by unauthorised persons

Section 45 NB - Disclosure of information

Section 45 NC - Power of Bank to exempt

Section 45Q - Chapter IIIB to override other laws

Section 45QA - Power of Company Law Board to order repayment of deposit

Section 45QB - Nomination by depositors

CHAPTER IIIC PROHIBITION OF ACCEPTANCE OF DEPOSITS BY UNINCORPORATED BODIES

Section 45R - Interpretation

45S - Deposits not to be accepted in certain cases

Section 45T - Power to issue search warrants