Act Info:
(1) This Act may be called theIndustrial Development Bank of India Act, 1964.
(2) It extendsto the whole of India.
(3) It shallcome into force on such date1 asthe Central Government may, by notification in the Official Gazette, appointand different dates may be appointed for different provisions of this Act.
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1.Came into forceon 20-6-964 vide, Gazette of India, Extra., Pt. II,Section3 (i), dated 20thJune, 1964.
Section 1 - Short title, extent and commencement
(1) This Act may be called theIndustrial Development Bank of India Act, 1964.
(2) It extendsto the whole of India.
(3) It shallcome into force on such date1 asthe Central Government may, by notification in the Official Gazette, appointand different dates may be appointed for different provisions of this Act.
______________________
1.Came into forceon 20-6-964 vide, Gazette of India, Extra., Pt. II,Section3 (i), dated 20thJune, 1964.
Section 2 - Definitions
In this Act, unless the context otherwiserequires,--
(a)"Board" means the Board of Directors of the Development Bank;
(b)"Development Bank" means the Industrial Development Bank of Indiaestablished under section 3;
1 [(c)"industrial concern" means any concern engaged or to be engaged in,--
(i) the manufacture, preservation or processing ofgoods;
(ii) shipping;
2 [(iii)mining included development of mines;]
(iv) the hotel industry;
(v) thetransport of passengers or goods by road or by water or 3 [by air orby ropeway or by lift;]
4 [(vi) the generation,storage or distribution of electricity or any other form of energy;]
(vii) the maintenance, repair, testing or servicing of5 [machineryor equivalent] of any description or vehiclesor vessels or motor boats or trailers or tractors;
(viii) assembling, repairing or packing any articlewith the aid of machinery or power;
6 [(ix) thesetting up of, or development of, an industrial area or an industrial estate;]
(x) fishing or providing shore facilities for fishingor maintenance thereof;
(xi) providing special or technical knowledge or otherservices for the promotion of industrial growth; or
7 [(xii) providingengineering, technical, financial management, marketing or other services orfacilities for industry;
(xiii) service industry such as altering, ornamenting,polishing, finishing, oiling, washing, cleaning or otherwise treating oradapting any article or substance with a view of its use, sale, transport, deliveryor disposal;
(xiv) providing medical, health or other alliedservices;
(xv) providing services relating to informationtechnology, telecommunication or electronics;
(xvi) leasing, sub-leasing or giving on hire or hirepurchase of industrial plants, equipments, machinery or other assets includingvehicles, ships and aircraft;
(xvii) such other activity as the Central Governmentmay, having regard to the objects of this Act, by notification in the OfficialGazette, specify in this behalf; or
(xviii) the research and development of any concept,technology design, process or product whether in relation to any of the mattersaforesaid, including any activities specified under sub-clause (xvii), or anyother matter.
Explanation.--The expression "processing of goods" includes any art or process forproducing, preparing or making an article by subjecting any material to amanual, mechanical, chemical electrical or any other like operation;]
8 [(d) "IndustrialFinance Corporation" means the Industrial Finance Corporation of IndiaLimited formed and registered under the Companies Act, 1956(1 of 1956);]
9 [(da)"nationalised bank" means a corresponding new bank specified in theFirst Schedule to the Banking Companies (Acquisition and Transfer ofUndertakings) Act, 1970 (5 of 1970) or a corresponding new bank specified inthe First Schedule to the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1980 (40 of 1980);]
(e) "prescribed" means prescribed byregulations made under this Act;
(f) "Reserve Bank" means the Reserve Bank ofIndia constituted under the Reserve Bank of India Act, 1934 (2 of 1934);
(g) "scheduled bank" means a bank for thetime being included in the Second Schedule to the Reserve Bank of India Act.1934 (2 of 1934);
10 [(ga) "StateBank" means the State Bank of India constituted under the State Bank ofIndia Act, 1955 (23 of 1955);
(gb) "subsidiary bank" has the meaningassigned to it in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of1959);]
(h) "State Co-operative Bank" has the samemeaning as in the Reserve Bank of India Act, 1934 (2 of 1934);
(i) "State Financial Corporation" means afinancial corporation established under section 3 or section 3 A of the StateFinancial Corporation Act, 1951 (63 of 1951) and includes the 11 [Tamil Nadu] Industrial Investment Corporation Limited;
10 [(j) "UnitTrust" means the Unit Trust of India established under section 3 of theUnit Trust of India Act, 1963(52 of 1963).]
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1. Substituted by act 52 of 1975,section3, for clause (c).
2.Substituted byact 35 of 1986,section2, for sub-clause (iii) (w.e.f. 14-8-1986)
3.Substituted byact 35 of 1986,section2, for "by air" (vi) (w.e.f. 14-8-1986)
4.Substituted byact 35 of 1986,section2, for sub-clause (vi) (w.e.f. 14-8-1986)
5.Substituted byact 35 of 1986,section2, for "Machinery" (w.e.f. 14-8-1986)
6.Substituted byAct 35 of 1986,section2, for Sub-Clause (ix) (w.e.f. 14-8-1986).
7.Substituted byAct 35 of 1986,section2, for Sub-Clause (xii) and Explanation (w.e.f.14-8-1986).
8.Substituted byAct 5 of 1995,section2, for Clause (d) (w.r.e.f. 12-10-1994).
9.Inserted by Act52 of 1975,section3 and Substituted by Act 35 of 1986,section2.
10.Inserted by Act52 of 1975,section3.
11.Substituted byAct 75 of 1972,section2, for "Madras".
Section 2 - Definitions
In this Act, unless the context otherwiserequires,--
(a)"Board" means the Board of Directors of the Development Bank;
(b)"Development Bank" means the Industrial Development Bank of Indiaestablished under section 3;
1 [(c)"industrial concern" means any concern engaged or to be engaged in,--
(i) the manufacture, preservation or processing ofgoods;
(ii) shipping;
2 [(iii)mining included development of mines;]
(iv) the hotel industry;
(v) thetransport of passengers or goods by road or by water or 3 [by air orby ropeway or by lift;]
4 [(vi) the generation,storage or distribution of electricity or any other form of energy;]
(vii) the maintenance, repair, testing or servicing of5 [machineryor equivalent] of any description or vehiclesor vessels or motor boats or trailers or tractors;
(viii) assembling, repairing or packing any articlewith the aid of machinery or power;
6 [(ix) thesetting up of, or development of, an industrial area or an industrial estate;]
(x) fishing or providing shore facilities for fishingor maintenance thereof;
(xi) providing special or technical knowledge or otherservices for the promotion of industrial growth; or
7 [(xii) providingengineering, technical, financial management, marketing or other services orfacilities for industry;
(xiii) service industry such as altering, ornamenting,polishing, finishing, oiling, washing, cleaning or otherwise treating oradapting any article or substance with a view of its use, sale, transport, deliveryor disposal;
(xiv) providing medical, health or other alliedservices;
(xv) providing services relating to informationtechnology, telecommunication or electronics;
(xvi) leasing, sub-leasing or giving on hire or hirepurchase of industrial plants, equipments, machinery or other assets includingvehicles, ships and aircraft;
(xvii) such other activity as the Central Governmentmay, having regard to the objects of this Act, by notification in the OfficialGazette, specify in this behalf; or
(xviii) the research and development of any concept,technology design, process or product whether in relation to any of the mattersaforesaid, including any activities specified under sub-clause (xvii), or anyother matter.
Explanation.--The expression "processing of goods" includes any art or process forproducing, preparing or making an article by subjecting any material to amanual, mechanical, chemical electrical or any other like operation;]
8 [(d) "IndustrialFinance Corporation" means the Industrial Finance Corporation of IndiaLimited formed and registered under the Companies Act, 1956(1 of 1956);]
9 [(da)"nationalised bank" means a corresponding new bank specified in theFirst Schedule to the Banking Companies (Acquisition and Transfer ofUndertakings) Act, 1970 (5 of 1970) or a corresponding new bank specified inthe First Schedule to the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1980 (40 of 1980);]
(e) "prescribed" means prescribed byregulations made under this Act;
(f) "Reserve Bank" means the Reserve Bank ofIndia constituted under the Reserve Bank of India Act, 1934 (2 of 1934);
(g) "scheduled bank" means a bank for thetime being included in the Second Schedule to the Reserve Bank of India Act.1934 (2 of 1934);
10 [(ga) "StateBank" means the State Bank of India constituted under the State Bank ofIndia Act, 1955 (23 of 1955);
(gb) "subsidiary bank" has the meaningassigned to it in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of1959);]
(h) "State Co-operative Bank" has the samemeaning as in the Reserve Bank of India Act, 1934 (2 of 1934);
(i) "State Financial Corporation" means afinancial corporation established under section 3 or section 3 A of the StateFinancial Corporation Act, 1951 (63 of 1951) and includes the 11 [Tamil Nadu] Industrial Investment Corporation Limited;
10 [(j) "UnitTrust" means the Unit Trust of India established under section 3 of theUnit Trust of India Act, 1963(52 of 1963).]
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1. Substituted by act 52 of 1975,section3, for clause (c).
2.Substituted byact 35 of 1986,section2, for sub-clause (iii) (w.e.f. 14-8-1986)
3.Substituted byact 35 of 1986,section2, for "by air" (vi) (w.e.f. 14-8-1986)
4.Substituted byact 35 of 1986,section2, for sub-clause (vi) (w.e.f. 14-8-1986)
5.Substituted byact 35 of 1986,section2, for "Machinery" (w.e.f. 14-8-1986)
6.Substituted byAct 35 of 1986,section2, for Sub-Clause (ix) (w.e.f. 14-8-1986).
7.Substituted byAct 35 of 1986,section2, for Sub-Clause (xii) and Explanation (w.e.f.14-8-1986).
8.Substituted byAct 5 of 1995,section2, for Clause (d) (w.r.e.f. 12-10-1994).
9.Inserted by Act52 of 1975,section3 and Substituted by Act 35 of 1986,section2.
10.Inserted by Act52 of 1975,section3.
11.Substituted byAct 75 of 1972,section2, for "Madras".