Bare Act Search Results

Estate Duty Act, 1953 [Repealed] Section 38

Title: Valuation of Interests in Expectancy

State: Central

Year: 1953

Where an estate includes an interest in expectancy, estate duty in respect of that interest shall be paid, at the option of the person accountable for the duty, either with the duty in respect of the rest of the estate or when the interest falls into possession, and if the duty is not paid with the estate duty in respect of the rest of the estate, then.- (a) for the purpose of determining the rate of estate duty in respect of the rest of the estate, the value of the interest shall be its value at the date of the death of the deceased ; and (b) the rate of estate duty in respect of the interest when in falls into possession shall be calculated according to its value when it falls into possession, together with the value of the rest of the estate as previously ascertained.

Estate Duty Act, 1953 [Repealed] Section 68

Title: Commutation of Duty in Respect of Interest in Expectancy

State: Central

Year: 1953

The Controller in his discretion may upon application by a person entitled to an interest in expectancy commute the 4estate duty which would or might but for the commutation become payable in respect of such interest of r accretion sum to be presently paid and for determining that sum shall cause a present value to be set upon such duty regard being had to the contingencies affecting the liability to and rate and amount of such duty and interest being reckoned at three per cent, and on the receipt of such sum the controller shall give a certificate accordingly.

Estate Duty Act, 1953 Complete Act

State: Central

Year: 1953

.....in the Wealth-tax Act and the rules made thereunder. 4. Another amendment seeks to make a provision similar to that contained in Income-tax Act, 1961 and Wealth-tax Act, 1957, to secure that where the deceased was a member of a co-operative housing Society the value of one house or part thereof allotted or leased to him under a house-building scheme of the society would be treated as a house owned by the deceased, thus qualifying for the concessional treatment accorded to residential house property. 5. The other amendments proposed in the Bill are of a consequential nature. 6. The amendments are being made with retrospective effect from the 1st day of March, 1981 and accordingly the proposed concessions will also be available in relation to estate duty in the case of persons who have died after the 28th February, 1981. 7. The Bill seeks to achieve the above objects. -Gaz. of Ind., 13-7-82, Pt. II, S. 2,Ext" p. 8 (No. 28) Act 53 of 1984 This Bill seeks to amend the Estate Duty Act, 1953, mainly with a view to excluding agricultural lands from the levy of estate duty. 2. One of the amendments proposed accordingly seeks to provide that the Act shall cease to apply to the.....

Banking Regulation Act, 1949 Complete Act

State: Central

Year: 1949

.....on 19-9-1949. This Act now incorporates the provisions contained therein in the Banking Companies Act. 1949 as a pernabebt basis, in addition. this Act also amends the said Act for the following purposes :- (a) to incorporate special provisions for facilitating quick amalgamations between banking companies: (b) to empower the Reserve Bank to control opening of branches by Indian banks in foreign countries: (c) to provide a meaning of the terms "assets in India" for the purpose of section 25.-Gaz. of Ind.. 24-12-1949. Pt. V. p:501. Act 52 of 1953.- The Banking Companies Act. 1949 (X of 1949) was passed to ensure proper administration of the banking companies in India. The liquidation of banks, however, continued to be governed by the provisions of the Indian Companies Act, 1913. Experience of the liquidation of a large number of banks that failed during the post-war and post-partition period disclosed that the procedure for the liquidation of joint stock companies was totally inadequate for the liquidation of banking companies in a manner satisfactory to the depositors. A bank has a far larger number of debtors than a joint stock company of a comparable size, and the necessity to.....

Insurance Regulatory and Development Authority (Assets, Liabilities, and Solvency Margin of Insurers) Regulations, 2000 Complete Act

State: Central

Year: 2000

.....(a) "valuation date", in relation to an actuarial investigation, means the date to which the investigation relates. (b) "universal life contracts" means those contracts that are presented in an unbundled form. The contracts where policy-holders have an option to invest in units of Insurer's segregated fund(s) shall be treated as "linked business", and others shall be treated as "non-linked business". (c) "segregated funds" means funds earmarked in respect of linked business. 2. Method of Determination of Mathematical Reserves.-(1) Mathematical Reserves shall be determined separately for each contract by a prospective method of valuation in accordance with sub-paras (2) to (4). (2) The valuation method shall take into account all prospective contingencies under which any premiums (by the policy-holder) or benefits (to the policy-holder/beneflciary) may be payable under the policy, as determined by the policy conditions. The level of benefits shall take into account the reasonable expectations of policy-holders (with regard to bonuses, including terminal bonuses, if any) and any established practices of an insurer for payment of benefits. (3) The valuation method shall take.....

Foreign Exchange Regulation Act, 1973 [Repealed] Section 18

Title: Payment for Exported Goods

State: Central

Year: 1973

.....can be expected to receive on the sale of the goods in the overseas market. (7) For the purpose of ensuring compliance with the provisions of this section and any order or direction made thereunder, the Reserve Bank or the prescribed authority referred to in sub-section (1) may require any person making any export of goods to which a notification under clause (a) of (hat sub-section applies to exhibit contracts with his foreign buyer or other evidence to show that the full export value of the goods, or, as the case may be, the value which the exporter having regard to the prevailing market conditions, expects to receive on the sale of the goods in the overseas market, has been, or will within the prescribed period, be paid in the prescribed manner. (8) Without prejudice to the provisions of sub-section (1), where the Reserve Bank has permitted any authorised dealer to accept for negotiation or collection of shipping documents covering exports from his constituent [not being a person who has signed the declaration in terms of sub-section (1)], such authorised dealer shall, before accepting such documents for negotiation or collection, require the constituent concerned also to.....

Companies Act, 1956 Schedule 13

Title: Schedule 13

State: Central

Year: 1956

.....Act, 1957(27of 1957). (ix)the Income-lax Act, 1961(43of 1961). (x)the Customs Act, 1962(52of 1962). (xi)the Monopolies and Restrictive Trade Practices Act, 1969(54of 1969). (xii)the Foreign Exchange Regulation Act, 1973(46of 1973). (xiii)the Sick Industrial Companies (Social Provisions) Act, 1985(1of 1986). (xiv)the Securities and Exchange Boardof India Act, 1992(15of 1992). (xv)the Foreign Trade (Development and Regulation) Act, 1992(2of 1992); (b)he had not been detained for any period under the Conservation of ForeignExchange and Prevention of Smuggling Activities Act, 1974(52of 1974): Providedthat where the Central Government has given its approval to the appointment of aperson convicted or detained under sub-paragraph (a) or sub-paragraph (b), asthe case may be, no further approval of the Central Government shall benecessary for the subsequent appointment of that person if he had not been toconvicted or detained subsequent to such approval; 1 [(c)he has completed the age of twenty-five years and has not attained the age of 70years Providedthat where- (i)he has not completed the age of 25 years, but has attained the age of majority;or (ii)he has.....

Foreign Exchange Regulation Act, 1973 Complete Act

State: Central

Year: 1973

FOREIGN EXCHANGE REGULATION ACT, 1973 FOREIGN EXCHANGE REGULATION ACT, 1973 46 of 1973 An Act to consolidate and amend the law regulating certain payments, dealings in foreign exchange and securities, transactions indirectly affecting, foreign exchange and 'the import and export of currency 1[* * *], for the conservation of the foreign exchange resources of the country and the proper utilisation thereof in the interests of the economic development of the country Be it enacted by parliament in the twenty-fourth year of the republic of India as follows :- SECTION 01: SHORT TITLE, EXTENT, APPLICATION AND COMMENCEMENT (1) This Act may be called the Foreign Exchange Regulation Act, 1973. (2) It extends to the whole of India. (3) It applies also to all citizens of India outside India and to branches and agencies outside India of companies or bodies corporate, registered or incorporated in India. (4) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint in this behalf: Provided that different dates may be appointed for different provisions of this Act and any reference in any such provision to the.....

Geneva Conventions Act, 1960 Complete Act

State: Central

Year: 1960

.....(d) procedural matters relating to legal representation, appeals, etc. 3. The existing law on the subject is to be found in the Geneva Convention Act, 1911 (an Act of the United Kingdom) as applied to India by the Gevena Convention Act, 1911 (British India) Order-in-Council dated the 24th October, 1916, and the Geneva Convention Implementing Act, 1936 (14 of 1936). The provisions of these Acts, however, are confined to extending protection to the two emblems, namely, the Red Cross and the Geneva Cross. 4. The Bill seeks to implement the Conventions in so far as it is necessary so to do and, at the same time, consolidates the law on the subject by repealing the United Kingdom Act of 1911andthe Central Act 14 of 1936and incorporating their provisions in the Bill." - Gaz. of Ind., 1959, Extra. Pt. II, S. 2, p. 1098. An Act to enable effect to be given to certain International Conventions done at Geneva on the twelfth day of August, 1949, to which India is a party, and for purposes connected therewith. Be it enacted by Parliament in the Eleventh Year of the Republic of India as follows :- -Geneva Conventions of 12th August, 1949, were ratified by the President on the 16th October,.....

Geneva Convention Act 1960 Schedule IV

Title: Fourth Schedule

State: Central

Year: 1960

.....to in this Article. In no case shall requisition of labour lead to a mobilization of workers in an organization of a military or semi-military character. Article 52 No contract, agreement or regulation shall impair the right of any worker, whether voluntary or not and wherever he may be, to apply to the representatives of the Protecting Power in order to request the said Power's intervention. (Protection of workers) All measures aiming at creating unemployment or at restricting the opportunities offered to workers in an occupied territory, in order to induce them to work for the Occupying Power, are prohibited. Article 53 Any destruction by the Occupying Power of real or personal property belonging individually or collectively to private persons, or to the State, or to other public authorities, or to social or co-operative organizations, is prohibited, except where such destruction is rendered absolutely necessary by military operations. (Prohibited destruction) Article 54 The Occupying Power may not alter the status of public officials or judges in the occupied territories, or in any way apply sanctions to or take any measures of coercion or discrimination.....