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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

 

 

Section 45U - Definitions

CHAPTER IIID
REGULATION OF TRANSACTIONS IN DERIVATIVES, MONEY MARKET INSTRUMENTS, SECURITIES, ETC.

Section 45V - Transactions in derivatives

Section 45W - Power to regulate transactions in derivatives, money market instruments, etc

Section 45X - Duty to comply with directions and furnish information

 

 

CHAPTER IIIE
JOINT MECHANISM

Section 45Y - Joint Mechanism

CHAPTER IV
GENERAL PROVISIONS

Section 46 - Contribution by Central Government to the Reserve Fund

Section 46A - Contribution to National Rural Credit (Long Term Operations) Fund and National Rural Credit (Stabilization) Fund

Section 46C - National Industrial Credit (Long Term Operations) Fund

Section 46D - National Housing Credit (Long-Term Operations) Fund

Section 47 - Allocation of surplus profits

Section 48 - Exemption of Bank from income-tax and super-tax

Section 49 - Publication of Bank rate

Section 50 - Auditors

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