Bare Act Search Results

Voluntary Deposits (Immunities and Exemptions) Act, 1991 [Repealed] Preamble 1

Title: Voluntary Deposits (Immunities and Exemptions) Act, 1991

State: Central

Year: 1991

THE VOLUNTARY DEPOSITS (IMMUNITIES AND EXEMPTIONS) ACT, 1991 [Act, No. 47 of 1991] PREAMBLE An Act to provide for certain immunities to persons making voluntary deposits with the National Housing Bank and for certain exemptions from direct taxes in relation to such deposits and for matters connected therewith or incidental thereto. Whereas for effective economic and social planning it is necessary to canalise for certain social objectives 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 allow voluntary deposits being made with the National Housing Bank in accordance with a scheme to be formulated by that Bank whereunder forty per cent of the amount of such deposits will be credited to a special fund to be created for financing slum clearance and low cost housing for the poor and sixty per cent of the amount of such deposits can be utilised by the depositors for purposes specified by them. AND whereas it is expedient to provide for certain immunities and exemptions to render it possible for persons in possession of black money to make such deposits. Be it.....

Voluntary Deposits (Immunities and Exemptions) Act, 1991 [Repealed] Complete Act

Title: Voluntary Deposits (Immunities and Exemptions) Act, 1991 [Repealed]

State: Central

Year: 1991

Preamble1 - VOLUNTARY DEPOSITS (IMMUNITIES AND EXEMPTIONS) ACT, 1991 Section1 - Short title and extent Section2 - Definitions Section3 - Immunities Section4 - Deposit not to be taken Into account In certain cases Section5 - Amendment of Act 53 of 1987 Repealing Act1 - DIRECT-TAX LAWS (MISCELLANEOUS) REPEAL ACT, 2000

Voluntary Deposits (Immunities and Exemptions) Act, 1991 Complete Act

State: Central

Year: 1991

.....(b) no inquiry or investigation shall be commenced against any person under any such law on the ground that he has made the deposit; (c) the fact that a person has made the deposit shall not be taken into account and shall be inadmissible as evidence in any proceedings relating to any offence or the imposition of any penalty under any such law. (2) Nothing in sub-section (1) shall apply in relation to prosecution for any offence punishable under Chapter IX-or Chapter XVII of the Indian Penal Code (45 of 1860)-,the Narcotic Drugs and Psychotropic Substances Act, 1985 (61 of 1985)-,the Terrorist and Disruptive Activities (Prevention) Act, 1987 (28 of 1987), the Prevention of Corruption Act, 1988 (49 of 1988) or for the purpose of enforcement of any civil liability. SECTION 04: DEPOSIT NOT TO BE TAKEN INTO ACCOUNT IN CERTAIN CASES Without prejudice to the generality of the provisions of Section 3-,- (a) the deposit shall not be taken into account for the purpose of any proceeding under the Income-tax Act, 1961 (43 of 1961)-and, in particular, the depositor shall not be entitled to claim any set-off or relief in any assessment, re-assessment, appeal, reference or other.....

Voluntary Deposits (Immunities and Exemptions) Act, 1991 [Repealed] Section 2

Title: Definitions

State: Central

Year: 1991

.....by notification in the Official Gazette, specify in this behalf; (b) "National Housing Bank" means the National Housing Bank established under section 3 of the National Housing Bank Act, 1987 (53 of 1987); (c) "net deposit" means sixty per cent of the amount of deposit made by any person with the National Housing Bank in accordance with the scheme; (d) "person" includes (i) an individual, (ii) a Hindu undivided family, (iii) a company, (iv) a firm, (v) an association of persons or a body of individuals, whether incorporated or not, and (vi) every artificial juridical person, not falling within any of the preceding sub-clauses, but does not include a local authority; (e) "scheme" means a scheme formulated by the National Housing Bank under the National Housing Bank Act, 1987 (53 of 1987) for the purpose of enabling-- (i) any person to make deposit with that Bank; (ii) such Bank to credit forty per cent of the amount of such deposit to a special fund created for financing slum clearance and low cost housing for the poor; and (Hi) the depositor to utilise the net deposit for any purpose specified by him; (f) all other words and expressions used in this.....

Voluntary Deposits (Immunities and Exemptions) Act, 1991 [Repealed] Section 5

Title: Amendment of Act 53 of 1987

State: Central

Year: 1991

In the National Housing Bank Act. 1987 -- (a) in section 14,-- in clause (b), after the words "scheduled banks", the words "or to any authority established by or under any Central, State or Provincial Act and engaged in slum clearance" shall be inserted; after clause (h), the following clause shall be inserted, namely:--"(hh) formulating a scheme for the purpose of accepting deposits referred to in clause (a) of section 2 of the Voluntary Deposits (Immunities and Exemptions) Act, 1991 and crediting forty per cent of the amount of such deposits to a special fund created under section 37;"; (b) in section 15, in sub-section (1), to clause (c) the following proviso shall be added, namely:-- "Provided that nothing contained in this clause shall apply to deposits accepted under the scheme formulated by the Bank in pursuance of clause (hh) of section 14;"; (c) in section 55, in sub-section (5), for the word "regulation", wherever it occurs, the words "regulation or scheme" shall be substituted.

Voluntary Deposits (Immunities and Exemptions) Act, 1991 [Repealed] Repealing Act 1

Title: Direct-tax Laws (Miscellaneous) Repeal Act, 2000

State: Central

Year: 1991

.....Act, 2000. 2. Repeal of certain enactments The enactments specified in the Schedule are hereby repealed. 3. Savings (1) The repeal by this Act of any enactment shall not-- (a) affect any other enactment in which the repealed enactment has been applied, incorporated or referred to; (b) affect the validity, invalidity effect or consequences of anything already done or suffered, or any right, title, in immunity, 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; (c) affect any principle or rule of law, or established jurisdiction, form or course of pleading, practice or procedure, or existing usage, custom, restriction, exemption, office or appointment, notwithstanding that the same respectively may have been in any manner affirmed or recognised or derived by, in or from any enactment hereby repealed; (d) revive or restore any jurisdiction, office, custom, liability, right, title, restriction, exemption, usage, practice, procedure or.....

Voluntary Deposits (Immunities and Exemptions) Act, 1991 [Repealed] Section 1

Title: Short Title and Extent

State: Central

Year: 1991

(1) This Act may be called the Voluntary Deposits (Immunities and Exemptions) Act, 1991. (2) It extends to the whole of India.

Voluntary Deposits (Immunities and Exemptions) Act, 1991 [Repealed] Section 4

Title: Deposit Not to Be Taken into Account in Certain Cases

State: Central

Year: 1991

Without prejudice to the generality, of the provisions of section 3,-- (a) the deposit shall not be taken into account for the purpose of any proceeding under the Income-tax Act, 1961 (43 of 1961), and, in particular, the depositor shall not be entitled to claim any set-off or relief in any assessment, reassessment, appeal, reference or other proceeding under that Act or to re-open any assessment or re-assessment made under that Act on the ground that he has made such deposit. Explanation.--For the avoidance of doubt, it is hereby declared that the provisions of the Income-tax Act, 1961 (43 of 1961) will apply to any income which accrues or arises or is deemed to accrue or arise to the depositor from the amount of the net deposit; (b) the deposit shall not form part of the assets of any assessee for the purposes of computing his net wealth under the Wealth-tax Act, 1957 (27 of 1957) in relation to any assessment year commencing before the 1st day of April, 1992.

National Housing Bank Act, 1987 Section 15

Title: Borrowings and Acceptance of Deposits by National Housing Bank

State: Central

Year: 1987

.....service charges, royalities premia, licence fees and any other consideration of whatever description; (f) receive gifts, grants, donations or benefactions from Government or any other source. (2) The Central Government may on a request being made to it by the National Housing Bank, guarantee the bonds and debentures issued by the National Housing Bank as to the repayment of principal and the payment of interest at such rate as may be fixed by that Government. ________________________ 1. Substituted for "the central government" by National Housing Bank (Amendment) Act, 2000 (15 of 2000) 2. Substituted for "a period which shall not be less than twelve months from the date of the making of the deposit" by National Housing Bank (Amendment) Act, 2000 (15 of 2000). 3. Inserted by Voluntary Deposits (Immunities and Exemptions) Act (47 of 1991) S. 5(b) (20-9-91). 4.Substituted by National Housing Bank (Amendment) Act, 2000 (15 of 2000). Prior to substitution it read asunder : (i) repayable on demand or on the expiry of fixed periods not exceeding eighteen months from the date of the making of loan or advance, on such terms and conditions including the terms relating to.....

Voluntary Deposits (Immunities and Exemptions) Act, 1991 [Repealed] Section 3

Title: Immunities

State: Central

Year: 1991

(1) Notwithstanding anything contained in any other law for the time being in force,-- (a) no person, who has made a deposit with the National Housing Bank in accordance with the scheme, shall be required to disclose, for any purpose whatsoever, the nature and source of the deposit; (b) no inquiry or investigation shall be commenced against any person under any such law on the ground that he has made the deposit; (c) the fact that a person has made the deposit shall not be taken into account and shall be inadmissible as evidence in any proceedings relating to any offence or the imposition of any penalty under any such law. (2) Nothing in sub-section (1) shall apply in relation to prosecution for any offence punishable under Chapter DC or Chapter XVII of the Indian Penal Code (45 of 1860), the Narcotic Drugs and Psychotropic Substances Act, 1985 (61 of 1985), theTerrorist and Disruptive Activities (Prevention) Act, 1987 (28 of 1987), the Prevention of Corruption Act, 1988 (49 of 1988) or for the purpose of enforcement of any civil liability.