REGISTERED NO. D. 221 The Gazette of India EXTRAORDINARY
PART II—Section 1 PUBLISHED BY AUTHORITY No. 42] NEW DELHI, MONDAY, OCTOBER 11, 1971/ASVINA19, 1893 Separate paging is given to this Part in order that it may be filed as a separate compilation. MINISTRY OF LAW AND J U S T I C E (Legislative Department) New Delhi, the 11th October, 1971/Asvina 19, 1893 (Saka) THE FORWARD CONTRACTS (REGULATION) AMENDMENT ORDINANCE, 1971 No. 11 OF 1971 Promulgated by the President in the Twenty-second Year of the Republic of India. An Ordinary further O amend the Forward Contracts (Regulation) Act, 1952. WHEREAS Parliament not in session and the President is satisfied that circumstance which render it necessary for him to take immediate action Now, therefore exercise of the powers conferred by clause (1) of article 123 of the institution, the President is pleased to promulgate the following Ordinance: —
1. (1) This Ordinance may be called the Forward Contracts (Regulation) Amendment Ordinance, 1971.
(2) It shall come into force at once. Short title and commencement.
2. During the period of operation of this Ordinance, the Forward Contracts (Regulation) Act, 1952 (hereinafter referred to as the principal Act), shall have effect subject to the amendments specified in section 3. Act 74 of 1952 to be temporarily amended.
3. In section 2 of the principal Act,—
(a) in clause (c), the words "at a future date" shall be omitted;
(b) to clause (i), the following proviso and Explanation shall be added, namely :— Amendment of section 2. ( 3 2 3 ) 324 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—SEC, 1] 'Provided that where any such contract is performed cither wholly or in part,— Q) .by tendering, of the documents of titye to the goods coveted by the contract by. any party tjiereto' (riot being a commission agent or a bank) Who has acquired-ownership of the s îd dpcuments by purchase, exchange pr otherwise, to any'other person (includirig'a commVssion agent feut not including a bank); or
(2) by the realisation of any sum of money, being the difference between the contract rate and the settlement rate or clearing rate or the rate of'iany offsetting contract; or
(3) by any other means Whatsoever, and as a result of which the actual tendering of the goods covered by the contract or the payment .of the full' price therefor is dispensed with, then, such contract shall not be deemed to be a ready delivery contract.
Explanation.—T?or the purposes of this clause,—
(i) "bank" includes any banking company as denned n the Banking Regulation Act, 1949, a co-operative ba,nk as defined in the Reserve Bank Of India Act, 1934, the State Bank of India and any of its subsidiaries and any corresponding new bank constituted .under section 3 of the Banking,Companies (Acquisition and Transfer of Undertakings) Act, 1970;
(ii) "commission agent" means a person who, in the ordinary course iof business, make^ contract for the sale or purchase qf goods for others for a remuneration (whether known as commission or otherwise) which is determined in the contract itself or determinable "from the terms of the contract, in either case, only with reference to the) quantity of goods or to the price therefor as stipulated in the contract.'. zo of 1949. 2 of 1934. 5 of 1970. V. V. GIRI, President. N. D. P , NAMBOODIRIPAD, Joint Secy, to the Govt. of India. XJ A tf A. IT A. A J. ^ ± THE CENTRAL BOARD OF DIRECT TAXES (VALIDATION OF PROCEEDINGS) ACT, 1971 No. 37 OF 1971 \As published in the Gazette of India, ExP"aordinaty, Pan II, Section 1, dated the 14th August, 1971 (hsue Mo. 37)]
1. In, the long title, in line 2, for ":" read ".".
2. In section 2 of the Act: —
(1) in line 4, after the words "done or taken" insert "or purporting to have been given, made, granted, issued, done or taken";
(2) In the last line, for "-.—" read ":";
(3) in clause (a), in line 1, for "act" read "acts". PRINTED BY THE GENE^Af. MANACKB. GOVERNMENT OF INDIA PHESS, MINTO ROAD, NEW BWJB AMU PUBLISHED BY THK MAttACIER OF PUBLICATIONS, DELHI. 1971