Bare Act Search Results

Special Bearer Bonds (Immunities and Exemptions) Act, 1981 [Repealed] Preamble 1

Title: Special Bearer Bonds (Immunities and Exemptions) Act, 1981

State: Central

Year: 1981

THE SPECIAL BEARER BONDS (IMMUNITIES AND EXEMPTIONS) ACT, 1981 [Act, No. 7 of 1981] PREAMBLE An Act to provide for certain immunities to holders of Special Bearer Bonds, 1991 and for certain exemptions from direct taxes in relation to such bonds and for matters connected therewith WHEREAS for effective economic and social planning it is necessary to canalize for productive purposes black money which has become a serious threat to the national economy; AND WHEREAS with a view to such canalisation the Central Government has decided to issue at par certain bearer bonds to be known as the Special Bearer Bonds, 1991, of the face value of ten thousand rupees and redemption value, after ten years, of twelve thousand rupees; AND WHEREAS it is expedient to provide for certain immunities and exemptions to render it possible for persons in possession of black money to invest thesame in the said Bonds; BE it enacted by Parliament in the Thirty-second Year of the Republic of India as follows:

Special Bearer Bonds (Immunities and Exemptions) Act, 1981 [Repealed] Complete Act

Title: Special Bearer Bonds (Immunities and Exemptions) Act, 1981 [Repealed]

State: Central

Year: 1981

Preamble1 - SPECIAL BEARER BONDS (IMMUNITIES AND EXEMPTIONS) ACT, 1981 Section1 - Short title, extent and commencement Section2 - Definition Section3 - Immunities Section4 - Acquisition, etc., of bonds not to be taken into account for certain proceedings Section5 - Amendment of Act 43 of 1961 Section6 - Amendment of Act 27 of 1957 Section7 - Amendment of Act 18 of 1958 Section8 - Power to remove difficulties Section9 - Repeal and saving Repealing Act1 - DIRECT-TAX LAWS (MISCELLANEOUS) REPEAL ACT, 2000

Negotiable Instruments Act, 1881 Chapter VII

Title: Of Discharge from Liability on Notes, Bills and Cheques

State: Central

Year: 1881

..... ( 2 ) In determining what is a reasonable time, regard sh all be had to the nature of the instrument, the usage of trade and of bankers, and the facts of the particular case. ( 3 ) The holder of the cheque as to which such dr awer or person is so discharged sh all be a creditor, in lieu of such dr awer or person, of such banker to the extent of such discharge and entitled to recover the amount from hi m. Illustrations (a) A draws a cheque for Rs. 1, 000, and, when the cheque ought to be presented, has funds at the bank to meet it. The bank fails before the cheque is presented. The drawer is discharged, but the holder can prove against the bank for the amount of the cheque. (b) A draws a cheque at Ambala on a bank in Calcutta. The bank fails before the cheque could be presented in ordinary course. A is not discharged, for he has not suffered actual damage through any delay in presenting the cheque.] _____________________ 1. Substituted by Act 6 of 1897, sec. 3, for section 84. Section 85 - Cheque payable to order 1 [(1)]Where a cheque payableto order purports to be indorsed by or on behalf of the payee, thedrawee isdischarged by payment in due course. 2.....

Negotiable Instruments Act, 1881 Chapter II

Title: Of Notes, Bills and Cheques

State: Central

Year: 1881

.....to the order of, a certain person or to the bearer of the instrument. A promise or order to pay is not "conditional", within the meaning of this section and section 4, by reason of the time for payment of the amount or any instalment thereof being expressed to be on the lapse of a certain period after the occurrence of a specified event which, according to the ordinary expectation of mankind, is certain to happen, although the time of its happening may be uncertain. The sum payable may be "certain", within the meaning of this section and section 4, although it includes future interest or is payable at an indicated rate of exchange, or is according to the course of exchange, and although the instrument provides that, on default of payment of an instalment, the balance unpaid shall become due. The person to whom it is clear that the direction is given or that payment is to be made may be a "certain person", within the meaning of this section and section 4, although he is mis-named or designated by description only. Section 6 - "Cheque" 1[ 6 . "Cheque" A "cheque" is a bill of exchange dr awn on a specified banker and not expressed to be payable other wise than on.....

Negotiable Instruments Act, 1881 Section 85

Title: Cheque Payable to Order

State: Central

Year: 1881

1 [(1)]Where a cheque payableto order purports to be indorsed by or on behalf of the payee, thedrawee isdischarged by payment in due course. 2 [(2) Where a cheque isoriginally expressed to be payable to bearer, the drawee is discharged bypayment in due course to the bearer thereof, notwithstanding any indorsementwhether in full or in blank appearing thereon, and notwithstanding that anysuch indorsement purports to restrict or exclude further negotiation.] _____________________ 1. Section85 re-numbered as sub-section (1) thereof by Act17 of 1934, sec. 2. 2.Inserted by Act 17 of 1934, sec. 2.

Income Tax Act, 1961 Section 269TT

Title: Mode of Repayment of Special Bearer Bonds,1991

State: Central

Year: 1961

Notwithstanding anything contained in any other law for the time being in force, the amount payable on redemption of Special Bearer Bonds, 1991, shall be paid only by an account payee cheque or account payee bank draft drawn in the name of the person to whom such payment is to be made.

Special Bearer Bonds (Immunities and Exemptions) Act, 1981 Complete Act

State: Central

Year: 1981

.....against any such person under any law on the ground that such person has subscribed to, or has otherwise acquired, the bonds. It makes the fact of subscription to, or acquisition of the bonds inadmissible in evidence in any proceedings relating to any offence or imposition of any penalty under any such law. These immunities have been made subject to an exception in relation to prosecution for certain offences relating to property or prevention of corruption. The ordinance also provides that the acquisition of the bonds shall not be taken into account for the purpose of any proceedings under the Income-tax Act, 1961,the Wealth-tax Act, 1957andthe Gift-tax Act, 1958. The bonds themselves have been exempted from Wealth-tax. The premium payable on the redemption of the bonds has been exempted from income-tax. It has also been provided that transfer of the bonds will not attract any liability to capital gains tax or gift-tax. 3. The Bill seeks to replace the aforesaid Ordinance.-see Gaz. of India. 2-3-1981, Pt. II- S. 2. Ext.,p. 160. An Act to provide for certain immunities to holders of Special Bearer Bonds, 1991 and for certain exemptions from direct taxes in relation to.....

Negotiable Instruments Act, 1881 Chapter XIV

Title: Of Crossed Cheques

State: Central

Year: 1881

.....such payment.1 [ 2 [Explanation I]--A bankerreceives payment of a crossed cheque for a customer within the his customer's account with the amount of the cheque before receiving payment thereof.]3 [Explanation II.--It him, to verify the prima facie genuineness of the chequeto be truncated and any fraud, forgery or tampering apparent on the face of the instrument that can be verified with due diligence and. _______________________ 1. Added by Act 18 of 1922, sec. 22. Explanation re-numbered as Explanation I thereof by Act 55 of , sec. (w. --).3. Inserted55 of , sec. (w. --). Section 131A - Application of Chapter to drafts 1 [A. Application of Chapterto draftsThe provisions of this Chapter shall apply to any85A, as if the draft were a cheque.]___________________1. Added by Act of , sec. .

Foreign Exchange Regulation Act, 1973 Section 42

Title: Encashment of Cheque, Draft, Etc.

State: Central

Year: 1973

.....(1) of section 19, read with section 67; or (ii) an investigation is being made into any alleged contravention of any other provision of this Act or of any rule, direction or order made thereunder; or (iii) any proceeding in respect of any such contravention as is referred to in clause (i) or clause (ii) is pending before an officer of Customs or an officer of Enforcement or a court, and any draft, cheque (including traveller's cheque) or other instrument being the subject-matter of such investigation or proceeding is in the custody of an officer of Customs or of an officer of Enforcement or of a court, then- (a) where such draft, cheque (including traveller's cheque) or other instrument is in the custody of an officer of Customs, the Collector of Customs; or (b) where such draft, cheque (including traveller's cheque) or other instrument is in the custody of an officer of Enforcement, the Director of Enforcement; or (c) where such draft, cheque (including traveller's cheque) or other instrument is in the custody of a court, the court, on an application made to it in this behalf by the Collector of Customs or as the case may be , by the Director of Enofrcement,may.....

Foreign Exchange Regulation Act, 1973 [Repealed] Section 42

Title: Encashment of Cheque, Draft, Etc.

State: Central

Year: 1973

.....(1) of section 19, read with section 67; or (ii) an investigation is being made into any alleged contravention of any other provision of this Act or of any rule, direction or order made thereunder; or (iii) any proceeding in respect of any such contravention as is referred to in clause (i) or clause (ii) is pending before an officer of Customs or an officer of Enforcement or a court, and any draft, cheque (including traveller's cheque) or other instrument being the subject-matter of such investigation or proceeding is in the custody of an officer of Customs or of an officer of Enforcement or of a court, then- (a) where such draft, cheque (including traveller's cheque) or other instrument is in the custody of an officer of Customs, the Collector of Customs; or (b) where such draft, cheque (including traveller's cheque) or other instrument is in the custody of an officer of Enforcement, the Director of Enforcement; or (c) where such draft, cheque (including traveller's cheque) or other instrument is in the custody of a court, the court, on an application made to it in this behalf by the Collector of Customs or, as the case may be, by the Director of Enforcement, .....