Banking Regulation (Amendment) Act, 20071
| [Act 17 of 2007] | [26th March, 2007] |
[Repealed by Act 19 of 2015*]
An Act further to amend the Banking Regulation Act, 1949
Be it enacted by Parliament in the Fifty-eighth Year of the Republic of India as follows:-
1 Received the assent of the President on 26-3-2007 and published in the Gazette of India, Extraordinary, Part II, Section 1, dated 28-3-2007, pp. 1-2, No. 22.
* Ed.: Act 17 of 2007 repealed by Act 19 of 2015, S. 2 & Sch. I. See also S. 4 of the Repealing and Amending Act, 2015:
"4. Savings.- The repeal by this Act of any enactment shall not affect any Act in which such enactment has been applied, incorporated or referred to;
and this Act shall not affect the validity, invalidity, effect or consequences of anything already done or suffered, or any right, title, obligation or liability already acquired, accrued or incurred, or any remedy or proceeding in respect thereof, or any release or discharge of or from any debt, penalty, obligation, liability, claim or demand, or any indemnity already granted, or the proof of any past act or thing;
nor shall this Act affect any principle or rule of law, or established jurisdiction, form or course of pleading, practice or procedure, or existing usage, custom, privilege, restriction, exemption, office or appointment, notwithstanding that the same respectively may have been in any manner affirmed, recognised or derived by, in or from any enactment hereby repealed;
nor shall the repeal by this Act of any enactment provide or restore any jurisdiction, office, custom, liability, right, title, privilege, restriction, exemption, usage, practice, procedure or other matter or thing not now existing or in force."
1. Short title and commencement.-(1) This Act may be called the Banking Regulation (Amendment) Act, 2007.
(2) It shall be deemed to have come into force on the 23rd day of January, 2007.
2. Amendment of Section 24.-In Section 24 of the Banking Regulation Act, 1949 (10 of 1949) (hereinafter referred to as the principal Act),-
(a) sub-sections (1) and (2) shall be omitted;
(b) for sub-section (2-A), the following sub-section shall be substituted, namely:-
"(2-A) A scheduled bank, in addition to the average daily balance which it is, or may be, required to maintain under Section 42 of the Reserve Bank of India Act, 1934 (2 of 1934) and every other banking company, in addition to the cash reserve which it is required to maintain under Section 18, shall maintain in India, assets, the value of which shall not be less than such percentage not exceeding forty per cent of the total of its demand and time liabilities in India as on the last Friday of the second preceding fortnight as the Reserve Bank may, by notification in the Official Gazette, specify from time to time and such assets shall be maintained, in such form and manner, as may be specified in such notification,";
(c) sub-section (2-B) shall be omitted.
3. Amendment of Section 53.-In Section 53 of the principal Act,-
(i) in sub-section (1), the words and figures, "or any of their branches functioning or located in any Special Economic Zone established under the Special Economic Zones Act, 2005 (28 of 2005)" shall be omitted;
(ii) in sub-section (2), in the opening portion, for the words, brackets and figure "A copy of every notification proposed to be issued under sub-section (1), shall be laid in draft before each House of Parliament", the following words, brackets and figures shall be substituted, namely:-
"A copy of every notification proposed to be issued under sub-section (1) relating to any banking company or institution or any class of banking companies or any branch of a banking company or an institution, as the case may be, functioning or located in any Special Economic Zone established under the Special Economic Zones Act, 2005 (28 of 2005) shall be laid in draft before each House of Parliament.".
4. Repeal and saving.-(1) The Banking Regulation (Amendment) Ordinance, 2007 (Ord. 1 of 2007) is hereby repealed.
(2) Notwithstanding the repeal of the Banking Regulation (Amendment) Ordinance, 2007 (Ord. 1 of 2007), anything done or any action taken under the principal Act, as amended by the said Ordinance, shall be deemed to have been done or taken under the corresponding provisions of the principal Act, as amended by this Act.