Short title and commencement. THE NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT (AMENDMENT) ACT, 2017 NO. 7 OF 2018 [18th January, 2018.] An Act further to amend the National Bank for Agriculture and Rural Development Act, 1981. BE it enacted by Parliament in the Sixty-eighth Year of the Republic of India as follows:—
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. jftLVªh lañ Mhñ ,yñ—(,u)04@0007@2003—18 vlk/kkj.k EXTRAORDINARY Hkkx II — [k.M 1
PART II — Section 1 izkf/kdkj ls izdkf'kr PUBLISHED BY AUTHORITY lañ 7] ubZ fnYyh] 'kqØokj] tuojh 19] 2018@ ikS"k 29] 1939 ¼'kd½ No. 7] NEW DELHI, FRIDAY, JANUARY 19, 2018/PAUSHA 29, 1939 (SAKA) bl Hkkx esa fHkUu i`"B la[;k nh tkrh gS ftlls fd ;g vyx ladyu ds :i esa j[kk tk ldsA 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. Amendment of section 23. Amendment of section 25. Amendment of section
37A. Amendment of section 48. Amendment of section
52A. 1 of 1956. 18 of 2013. 1 of 1956. 18 of 2013. 1 of 1956. 18 of 2013. 1 of 1956. 18 of 2013. ———— DR. G. NARAYANA RAJU, Secretary to the Govt. of India. GMGIPMRND—3702GI(S3)—19-01-2018. UPLOADED BY THE GENERAL MANAGER, GOVERNMENT OF INDIA PRESS, MINTO ROAD, NEW DELHI–110002 AND PUBLISHED BY THE CONTROLLER OF PUBLICATIONS, DELHI–110054. 2018-01-19T22:14:10+0530 MANOJ KUMAR