Section 164 of Finance Act 2018 : Amendment of section 4

By | April 1, 2018
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(Last Updated On: April 22, 2018)

Section 164 of Finance Act 2018

[Section 164 of Finance Act 2018 deals with Amendment of section 4 and is covered in CHAPTER VIII MISCELLANEOUS]

Amendment of section 4

164. In section 4 of the principal Act,—

(a)in sub-section (1), for the proviso, the following proviso shall be substituted, namely:—
“Provided that the Central Government may, by notification, increase the authorised capital up to two thousand crore rupees or such other amount as may be determined by it from time to time.”;
(b)in sub-section (2), the words “the Reserve Bank,” occurring at both the places shall be omitted;
(c)after sub-section (2), the following sub-section shall be inserted, namely:—
“(3) The subscribed capital of one thousand four hundred and fifty crore rupees of the National Housing Bank, which has been subscribed to by the Reserve Bank, shall stand transferred to, and vested in the Central Government upon payment of the face value of the subscribed capital, to the Reserve Bank from such date as may be notified by the Central Government.”.

Finance Act 2018 : Assented by President : Download Print Notification

 

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