In section 11 of the Income-tax Act, in cl. (b) of sub-section (2), w.e.f. the 1st day of April, 1978, -
(a) for sub-cl. (ii), the following sub-clause shall be substituted, namely :-
"(ii) deposited in any account with the Post Office Saving Bank [including deposits made under the Post Office (Time Deposits) Rules, 1970] or a scheduled bank or a co-operative society enganged in carrying on the business of banking (including a co-operative land mortgage bank or a co-operative land development bank) :
Provided that the money so accumulated or set apart may also be deposited, or continue to remain deposited, during any previous year commencing before the 1st day of April, 1981 with any other banking company, being company to which the Banking Regulation Act, 1949 (19 of 1949) applies, or";
(b) after sub-clause (iii), the following Explanation shall be inserted, namely :
Explanation : For the purposes of sub-clause (ii), "scheduled bank" means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955) a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959) a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or any other bank, being a bank included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934).