Section 37 of The Export-Import Bank of India Act, 1981
Omitted.
[Act 43 of 1961 and Act 7 of 1964 not to apply to Exim Bank.] Omitted by Finance Act, 1998 (21 of 1998) s. 117 (w.e.f. 1-4-1999).
Summary
- This section originally stated that two specific tax laws would not apply to the Exim Bank.
- Those laws were the Income-tax Act of 1961 and the Companies (Profits) Surtax Act of 1964.
- This provision was completely removed from the Act by the Finance Act of 1998.
- The removal of this section became effective on April 1, 1999.
- Because it is now omitted, the bank is no longer automatically exempt from those specific tax regulations under this Act.
Practical examples
FAQ
1. What did Section 37 originally do?
It ensured that the Income-tax Act of 1961 and another profit tax law did not apply to the Exim Bank.
2. Why is the word Omitted written there now?
It means the Indian Parliament passed a newer law in 1998 to take this specific section out of the Act.
3. When did this section stop being part of the law?
The omission took effect on April 1, 1999.
4. Does the Exim Bank still have this specific tax exemption today?
No, since this section was omitted in 1999, this specific legal shield is gone.
Test yourself
1.Under Section 37 of The Export-Import Bank of India Act, 1981, which was later omitted, which laws were originally mentioned as not applying to the Bank?
2.According to the notes in the Export-Import Bank of India Act, 1981, which specific legislation caused the omission of Section 37?
3.On what date did the omission of Section 37 of The Export-Import Bank of India Act, 1981, officially take effect?
4.What is the current status of Section 37 within The Export-Import Bank of India Act, 1981?