RESERVE BANK OF INDIA ACT,1934

S. Name of the Year Description

No Act
That a humble Address be presented to
The India and His Majesty in pursuance of the
1 Burma (Burma Order, provisions of Section 157 of
Monetary 1937. the Government of Burma Act, 1935,
Arrangements) praying that the India and Burma (Burma
Monetary Arrangements) (Amendment)
Order, 1946, is made in the form of the
draft laid before Parliament.

"Agricultural produce" includes all

produce of agriculture or horticulture and
2 The Repealing and 1937 all articles of food or drink wholly or
Amending Act (20 of partly manufactured from any such
1937) produce, and fleeces and the skins of
animals; (b) "counterfeit " has the
meaning assigned to that word by section
25 of the Indian Penal.

“European British subject “means any

The Reserve Bank subject of His Majesty of European
3 of India 1940 (9 descent in the male line, born, naturalized
(Amendment) Act of or domiciled in the British Islands or in
1940) any Dominion as defined in the Statute of
West22 Geo. 6, O. 4. minster, 1931, or in
any Colony except Ceylon; (b) "
prescribed " ~means prescribed by rules
mad.

The Reserve Bank

of India (Second Reserve Bank of India Act, 1934 is the
Amendment) Act legislative act under which the Reserve
1940 Bank of India was formed.
4 (13 of This act along with the Companies Act, which was
amended in 1936, were meant to provide a framework
1940) for the supervision of banking firms in India.

The Drugs and Cosmetics Act, 1940 is an Act of

the Parliament of India which regulates the import,
manufacture and distribution of drugs in India. The
primary objective of the act is to ensure that the drugs
and cosmetics sold in India are safe, effective and
conform to state quality standards. The related Drugs
and Cosmetics Rules, 1945 contains provisions for
5 The Currency 1940 classification of drugs under given schedules and there
Ordinance (Ord. 4 are guidelines for the storage, sale, display and
prescription of each schedule.
of
1940).

The Third Amendment of the Constitution

of India, officially known as The
Constitution (Third Amendment) Act,
1954, re-enacted entry 33 of the
Concurrent List in the Seventh Schedule
The Reserve Bank 1940 of the Constitution with relation to
6 of India (Third (38 of include trade and commerce in, and the
Amendment) Act 1940). production, supply and distribution of 4
classes of essential commodities, viz., 
foodstuffs, including edible oil seeds and oils;
cattle fodder, including oilcakes and other
concentrates;raw cotton whether ginned or unpinned,
and cotton seeds;
and raw jute.

1). Ordinances are ephemeral laws that

are promulgated by the President of
The Reserve Bank India on the recommendation of
of India 1941 the Union Cabinet.
7 (Amendment) (Ord. 3 2). They can only be issued
Ordinance of when Parliament is not in session.
1941). 3). They enable the Indian government to
take
immediate legislative action.

The International Monetary Fund (IMF) is

 an international organization
headquartered in Washington, D.C., of
"189 countries working to foster global
monetary cooperation, secure financial
stability, facilitate international trade,
1945 promote high employment and sustainable
The International (Ord. economic growth, and reduce poverty
8 Monetary Fund and 47 of around the world."
Bank Ordinance 1945).
Formed in 1945 at the Breton Woods
Conference primarily by the ideas
of Harry Dexter White and John Maynard
Keynes, it came into formal existence in
1945 with 29 member countries and the
goal of reconstructing the international
payment system.

The Foreigners Act, 1946 is an Act of

The Reserve Bank 1946 the Central Assembly enacted to grant the
9 of India (23 of certain powers to Indian government in
(Amendment) Act 1946) matters of foreigners in India.
The Act was enacted before India became
independent.

The Industrial Disputes Act 1947 extends to the whole

of India and regulates Indian labour law so far as that
concerns trade unions as well as Individual workman
The Reserve Bank employed in any Industry within the territory of Indian
10 of India 1947 mainland.
(Amendment) Act (11of
1947) It came into force April 1, 1947
 The Constitution of India is the supreme law of India.
The Reserve Bank
of India (Second 1947 It lays down the framework defining fundamental
11 Amendment) Act (23 of political principles, establishes the structure, procedures,
powers and duties of government institutions and sets
1947) out fundamental rights, directive principles and the
duties of citizens

The Industrial Disputes Act 1947 extends to the whole

of India and regulates Indian labour law so far as that
concerns trade unions as well as Individual workman
The Repealing and 1947 employed in any Industry within the territory of Indian
12 Amending Act (2 of mainland.
1948) It came into force April 1, 1947.

The Indian Penal Code (IPC) is the main criminal

code of India.
The Indian It is a comprehensive code intended to cover all
Independence substantive aspects of criminal law.
13 (Adaptation of Order , The code was drafted in 1860 on the
Central Acts and 1948 recommendations of first law commission
Ordinances) of India established in 1834 under
the Government of India Act 1833 under
the Chairmanship of Thomas Babington
Macaulay.

The RBI was nationalized with the

The Reserve Bank passing of the Reserve Bank of India
(Transfer to Public (transfer to public ownership) Act in 1948
14 Ownership) Act 1948 in terms of the Act, the entire share was
(62 of transferred to the central government on
1948). payment of a suitable compensation.
 1949 is legislation in India that regulates
all banking firms in India. Initially, the
The Banking 1949 law was applicable only to banking
15 Companies Act. (10 of companies.
1949). But, 1965 it was amended to make it
applicable to cooperative banks and to
introduce other changes.

2015 is an Act of the Parliament of India

that repealed 35 obsolete Acts, and also
amended the provisions of The
16 The Repealing and 1949 Prohibition of Manual Scavengers Act,
Amending Act. (40 of 2013, and the Whistle Blowers
1949). Protection Act, 2011 to correct
typographical and certain patent errors.

The banking  regulation act, 1949 is legislation

in India that regulates all banking firms in India.
Initially, the law was applicable only
Reserve Bank of to banking companies.
17 India (Amendment) 1949 But, 1965 it was amended to make it applicable to
cooperative banks and to introduce other changes.
Act (44 of
1949).

The Adaptation of Laws Order, 1950:

The Adaptation of Issued Under the Constitution of India (as
18 Laws Order, 1950. 1950. Amended and Consolidated Up to 1st
August, 1951).

The Reserve Bank In August, 1951, the Reserve Bank of

19 of India 1951 India had appointed a Committee of
(Amendment) Act (32 of Directors for conducting an All India rural
1951). credit survey.

The Reserve Bank

of India In 30th December, to make special
(Amendment and 1953 provisions in respect of certain high
20 Miscellaneous (54 of denomination bank notes.
provisions) Act. 1953).

The Andhra The laws mentioned in the Schedule to

(Adaptation of Laws this Order shall, until altered, replaced
21 on Union Subjects) 1954. and amended legislature or other
Order competent authority have effect subject to
the adaption and modification directed but
the schedule.

State Bank" means the State Bank of

India constituted under the State Bank of
India act, 1955 (23 of 1955) chap re-
22 The State Bank of 1955 naming of the Hyderabad state bank and
India Act. (23 of transfer of its share capital to the reserve
1955). bank chapter ii re- naming of the
Hyderabad state bank and transfer of its
share capital to the reserve bank.

“Imperial Bank” means the Imperial Bank

The Reserve Bank 1955 of India constituted under the Imperial
23 of India (24 of Bank of India Act, 1920 (47 of 1920);
(Amendment) Act. 1955). 1[(dd) “Local Board” means a Local
Board constituted under section 21;]
prescribed” means prescribed by
regulations made under this Act.

The all India Rural Credit Survey

Committee of Reserve Bank of India
The Agricultural recommended the establishment of
Produce warehouses to strengthen the rural credit
(Development and and marketing.
24 Warehousing) 1956 As a result of the recommendations of the
Corporations Act. (28 of Committee, the Government of India
1956). enacted the Agricultural Produce
(Development and Warehousing)
Corporation Act, 1956.
Warehouses meet the financial needs of
the persons who store the produce by
 providing value of the goods stored.

The Act came into effect at the same time

as the Constitution (Seventh
Amendment) Act, 1956, which (among
The States 1956 other things) restructured the
25 Reorganization Act. (37 of constitutional framework for India's
1956). existing states and the requirements to
pass the States Reorganization Act, 1956
under the provisions of Part I of the
Constitution of India.

It shall be deemed to have come into force

on the 22nd day of October, 1956.
The Reserve Bank 1956 “appointed day” means the 22nd day of
26 of India (38 of October,1956;
(Amendment)Act. 1956). “Hyderabad Bank” means the Hyderabad
State Bank renamed under sub-section (1)
of section 3, as the State Bank of
Hyderabad;

25th September, 1956.With effect from

the commencement of this Act, the Acts
and Ordinance mentioned in the Schedule
The Jammu and 1956 shall be amended as specified therein.
27 Kashmir (Extension (62 of If immediately before the commencement
of Laws) Act. 1956). of this Act there is in force in the State of
Jammu and Kashmir any law
corresponding to any Act or Ordinance
now extended to that State, that law.

An Act to transfer the share capital of the

Hyderabad State Bank to the Reserve
The State Bank of 1956 Bank of India and to provide for its proper
28 Hyderabad Act. (79 of management and other matters connected
1956). therewith or incidental there to.
 (No.3) "Existing law" means, an existing Central
29 The Adaptation of Order, law, existing Provincial law or existing
Laws 1956. State law.

The Reserve Bank 1957 This Act may be called the Reserve Bank
30 of India (19 of of India (Amendment and Miscellaneous
(Amendment) Act. 1957) Provisions).

The Reserve Bank 1957 These are sections of acts of Indian

31 of India (Second (48 of courts. Section 1 of Lawyer Services Bare
Amendment) Act. 1957 Act.

The Reserve Bank

32 of India 1959 To make special provisions in respect of
(Amendment) Act. (14 of certain high denomination bank note.
1959).

The Banking The provisions of the principal Act shall

33 Companies 1959 apply to such banking company as if the
(Amendment) Act. (33 of amendments aforesaid had not been made.
1959).

An Act to provide for the formation of

certain Government or Government
The State Bank of associated banks as subsidiaries of the
34 India (Subsidiary 1959 State Bank of India and for the
Banks) Act. (38 of constitution, management and control of
1959). the subsidiary banks so formed, and for
matters connected therewith, or incidental
thereto.

Policy of reconstruction / compulsory

The Reserve Bank amalgamation of banks introduced to
of India 1960 consolidate the Banking sector. Powers to
35 (Amendment) Act. (14 of do so acquire by RBI Act amendment.
1960). Between 1960 to 1982 over 200 banks
were merged or liquidated.

The Repealing and 1960 The Repealing and Amending Act, 2015
36 Amending Act. (58 of is an Act of the Parliament of India that
1960). repealed 35 obsolete Acts,

The Bombay
Reorganization An Act to provide for the re organization
37 (Adaptation of Laws 1961 of the State of Bombay and for matters
on Union Subjects) connected therewith.
Order,

Deposit Insurance and Credit

The Deposit 47 of Guarantee Corporation (DICGC) is a
38 Insurance 1961 subsidiary of Reserve Bank of India. It
Corporation Act. was established on 15 July 1978
under Deposit Insurance.

The Goa, Daman 1962 A Regulation to provide for the demonetization of the
escudo and certain other notes and coins.
39 and Diu (Currency (Reg. 6
and Coinage) of
Regulation 1962).

 Price of securities, index of rates or

The Reserve Bank 1962 prices,
40 of India (35 of  credit rating or credit index,
(Amendment) Act. 1962).  price of gold or silver coins, or gold
or silver bullion.

Any reference to the Agricultural

 The Agricultural Refinance Corporation Act, 1963 (10 of
41 Refinance (10 of 1963), in any other law for the time being
Corporation Act. 1963). in force, or in any instrument or other
document.

An Act to provide for the establishment of

a Corporation with a view to encouraging
1963 saving and investment and participation in
42 The Unit Trust of (52 of the income, profits and gains accruing to
India Act. 1963). the Corporation from the acquisition,
holding, management and disposal of
securities.

It shall come into force on such date as

The Banking Laws 1963 the Central Government may, by
43 (Miscellaneous (55 of notification in the Official Gazette,
Provisions) Act, 1963). appoint; and different dates may be
appointed for different provisions of this
Act.

The Acts specified in Part I of the

1963 Schedule as they are generally in force in
44 The Pondicherry (Reg. 7 the territories to which they extend and
(Laws) Regulation of the Acts specified in Part I1 of the
1963). Schedule.

It shall come into force on such date1 as

The Industrial the Central Government may, by
45 Development Bank 1964 notification in the Official Gazette,
of India Act (18 of appoint and different dates may be
1964). appointed for different provisions of this
Act.

In the case of a Co-operative Society

which at the commencement of the
Banking Laws (Application to Co-
46 The Banking Laws 1965 operative Societies) Act, 1965 (23 of
 (23 of 1965) is a Co-operative Bank and is
1965). carrying on the business of banking, the
date on which these rules come into force.

The State of Nagaland (Adaptation of

Laws on Union
Subjects) Order, 1965 added with effect
The State of from December 1, 1963 that were deleted.
Nagaland The North Eastern Areas (Reorganization)
47 (Adaptation of Laws Order, (Adaptation of Laws on Union
on Union Subjects) 1965 Subjects), Order, 1974, amended this
Order, provision further with effect from January
25, 1972 so that it now reads ...

An Act to provide for the establishment of

a Corporation with a view to encouraging
saving and investment and participation in
The Unit Trust of 1966 the income, profits and gains accruing to
48 India (Amendment) (17 of the Corporation from the acquisition,
Act 1966). holding, management and disposal of
securities.

This act comprises of amendments in the

The Banking Laws 1968 Banking Regulation Act, 1949. Users can
49 (Amendment) Act (58 of get information on the Act, its objectives,
1968). short title and commencement.

The Punjab The central government, as respects the

Reorganization and
50 Delhi High Court 1968
(Adaptation of Laws
on Union Subjects)
Order
union territory of Chandigarh or the
transferred territory and all the functions
of the state government, the appointment
of respondent no.1 by the chief
commissioner is fully authorized.
 This law" includes any enactment,
The Assam Ordinance, regulation, order, bye-law,
51 Reorganization 1969 rule, scheme notification or other
(Meghalaya) Act (55 of instrument having immediately before the
1969). appointed day, the force of law in the
whole or in any part of the autonomous
State.

Whereas, by sub-section (1) of section 6

of the Madras State (Alteration of Name)
The Madras State Act, 1968 (53 of 1968), the Central
(Alteration of Government is empowered, by Order to
52 Name) (Adaptation 1970 make such adaptations and modifications
of Laws on Union of any law made before the 14th day of
Subjects) Order January 1969, relating to a matter in List I
in the Seventh Schedule to the
Constitution.

Any reference to the Agricultural

Refinance Corporation Act, 1963 (10 of
The Agricultural 1963), in any other law for the time being
53 Refinance 1971 in force, or in any instrument or other
Corporation (39 of document, shall be construed as a
(Amendment) Act 1971). reference to the Agricultural Refinance
and Development Corporation Act, 1963.

The North-Eastern 1971 Formation of the Union territory of

54 Areas (81 of Arunachal Pradesh. On and from the
(Reorganization) 1971). appointed day there shall be formed a new
Act Union territory.

This Law" includes any enactment,

The State of ordinance, regulation, order, bye- law,
 Himachal Pradesh rule, scheme, notification or other
55 (Adaptation of Laws 1973. instrument having, immediately before the
on Union Subjects) appointed day, the force of law in the
Order whole or
any part of the existing Union territory of
Himachal Pradesh;

The Reserve Bank of 1973 This dealing in derivatives, and, with the
56 India (Amendment) (44 of approval of the Central Board, in any
Act 1973). other financial instrument.

The North-Eastern
Areas “Administrator" means the administrator
57 (Reorganization) 1974. of a Union territory appointed by the
(Adaptation of Laws President under article 239 of the
on Union Subjects) Constitution.
Order

The Mysore State Constitution and composition of the

(Alteration of Name) Council. The Central Government shall as
58 (Adaptation of Laws 1974 soon as may be constitute a Council
on Union Subjects) consisting of the following members.
Order

In this Act, unless the context otherwise

requires, -
(a) "appointed day" means the date
The Laccadive, appointed under sub-section (2) of section
Minicoy and 1 for the coming into force of this Act;
59 Amindivi Islands 1974 (b) "Law" includes any enactment,
(Alteration of Name) Ordinance, regulation, order, bye-law,
Adaptation of Laws rule, scheme, notification or other
Order instrument having the force of law in the
whole or any part of the Union territory
of the Laccadive, Minicoy and Amindivi
Islands.
 The Reserve
60 Bank of India 1974 (51 Finance and industries development.
(Amendment) of 1974).
Act

The Public The Trust may appoint such number of

Financial 1975 (52 officers and other employees as it considers
61 Institutions of 1975). necessary or desirable for the efficient
Laws performance of its functions and determine
(Amendment) the terms and conditions of their
Act appointment and service.

1). “Board”, in relation to Regional Rural

Bank, means the Board of directors of that
Regional Rural Bank;
The Regional 1976 (21
62 Rural Banks, of 1976) 2). “Chairman”, in relation to Regional
Act Rural Bank, means the individual
appointed or re- appointed under sub-
section (1) of section 11 as the chairman of
that Bank;

The Deposit
Insurance The employers challenged the validity of
Corporation 1978 (21 the demand notices on.... Make 'an in-depth
(Amendment of 1978). study of the various provisions of the act.'
63 and this committee had submitted its report to
Miscellaneous the corporation in 1978.
Provisions) Act

The Reserve An Act to provide in the public interest for

Bank of India 1978 (24 the demonetization of certain high
64 (Amendment) of 1978). denomination bank notes and for matters
Act connected therewith or incidental thereto.
 "Board" means the Board of Directors of
The Export- 1981 (28 Exim Bank referred to in section 6; (b)
65 Import Bank of of 1981). "Development Bank" means the Industrial
India Act Development Bank of India established
under the Industrial Development Bank of
India Act, 1964 (18 of 1964)

The National "Agriculture" includes horticulture, animal

Bank for husbandry, forestry, dairy and poultry
66 Agricultural 1981 (61 farming, pisciculture, and other allied
and Rural of 1981) activities, whether or not undertaken jointly
Development with agriculture and the expression
Act "agricultural operations" shall be construed
accordingly.

Banking laws (amendment) act, 1983 (act 1

of 1984) (to be called 'the impugned
legislation').
They would be disposed of by this common
The Banking judgment. The main averments of facts are
67 Laws 1983 (1 being taken..... , my conclusions are as
(Amendment) of 1984 follows : (a) I hold that section 45s read
Act) with section 58(5a) of chapter iii-c of the
reserve bank of India act, as introduced by
section 10 of
the banking laws (amendment)act, 1983
(central act I of 1984), is not vocative of
articles 14 and 19 of the constitution.

It means the date on which such provision

The Industrial comes into force and any reference to the
68 Reconstruction 1984 (62 appointed day in any provision of this Act
Bank of India of 1984). shall be construed as a reference to the
Act commencement of that provision;
 The Banking Such amount as the central Government
69 Laws 1985 (81 may in consultation with the reserve bank
(Amendment) of 1985 contribute to such paid of capital.
Act,).

An Act to establish a bank to be known as

the National Housing bank to operate as a
The National 1987 (53 principal agency to promote housing
70 Housing Bank of 1987) finance institutions both at local and
Act regional levels and to provide financial and
other support to such institutions.

The Negotiable Instruments Act, 1881

The Banking was amended by the Banking, Public
Public Financial Institutions and Negotiable
Financial Instruments Laws (Amendment) Act, 1988
71 Institutions and 1988 (66 wherein a new Chapter XVII was
Negotiable of 1988). incorporated for penalties in case of
Instruments dishonor of cheques due to insufficiency of
Laws funds in the account of the drawer of the
(Amendment) cheque.
Act

An Act to establish the Small Industries

Development Bank of India as the principal
financial institution for the promotion,
The Small financing and development of industry in
Industries 1989 (39 the small-scale sector and to co-ordinate
72 Development of 1989) the functions of the institutions engaged in
Bank of India the promotion, financing or developing
Act industry in the small-scale sector and for
matters connected therewith or incidental
thereto.

It shall be deemed to have come into force

oat the 15th day of October, 1990.
In the Reserve Bank of India Act, 1934
The Reserve (hereinafter referred to the principal Act),
73 Bank of India 1991 (8 in section 33, in sub-section (4), for the
(Amendment) of 1991) figures merit ,,and words "0.118489 grams
Act of the gold per rupee", the words "a price
not exceeding the international market
price for the time being obtaining" shall be
substituted.

An, act further to amend the Reserve Bank

The Reserve 1991 (9 of India Act, 1934, BE it enacted by
74 Bank of India of 1991). Parliament in the Forty-first Yeas of the
(Second Republic of India as follows:
Amendment) 1. This Act may be called the Reserve
Act Bank of India (Second Amendment)
Act, 1991.

The Reserve The provisions this act, other than section 9

75 Bank of India 1997 (23 shall be deemed to come into force on the 9
(Amendment) of 1997). of January ,1997, and section 9 shall come
Act into force on 1st April, 1997.

An Act to provide legal recognition for

transactions carried out means of electronic
data interchange and other means of
The electronic communications, commonly
76 Information 2000 referred to as “Electronic Commerce”
Technology which involve the use of alternatives to
Act paper -based methods of communication
and storage of information, to facilitate
electronic filling of documents with the
government agencies an further to amend
the Indian Penal Code, the Indian Evidence
Act, 1872, the Bankers Books Evidence
Act , 1891, and Reserve bank of India Act ,
1934.
 An Act to provide for the transfer and
vesting of the undertaking of the Industrial
Industrial Development Bank of India to, and in, the
Development 2003 (Act Company to be formed and registered as a
77 Bank (Transfer No. 53 of Company under the Companies Act, 1956
of Undertaking 2003) to carry on banking business and for
and Repeal) matters connected therewith or incidental
Act thereto and also to repeal the Industrial
Development Bank of India Act, 1964.

 It may be recalled that the Credit

Information Companies (Regulation)
Act, 2005 was passed in May 2005
and notified in the Gazette of India
on June 23, 2005.
 The Act was passed with a view to
regulating credit information
companies and to facilitating
Credit efficient distribution of credit and for
Information 2005 (Act matters concerned or incidental to it.
78 Companies No. 30 of  The Credit Information Companies
(Regulation) 2005) (Regulation) Act, 2005 required
Act Rules and Regulation to be notified
under the Act.
 While the Central Government was
empowered to make the Rules, the
Reserve Bank was empowered to
make the Regulations to carry out
the purposes of the Act.
 This Act may be called the Reserve Bank
of India (Amendment) Act, 2006. It shall
Reserve Bank 2006 (Act come into force on such date as the Central
of India No. 26 of Government may, by notification in the
79 (Amendment) 2006). Official Gazette, appoint; and different
Act dates may be appointed for different
provisions of this Act.

The Securities and Exchange Board of

India (SEBI) issued on the 9th April, 2010,
an order against certain insurance
companies directing them not to issue any
Securities and offer document, advertisement, brochure
Insurance Laws Act No. soliciting money from investors or raise
80 (Amendment 26 of money from investors by way of new or
and Validation) 2010 additional subscription for any product
Act including ULIPs having an investment
component in the nature of mutual funds,
till they obtain the requisite certificate of
registration from the SEBI.

An Act to provide for and regulate

2011 (Act assignment of receivables by making
81 The Factoring No. 12 of provision for registration there for and
Regulation Act 2012). rights and obligations of parties to contract
for assignment of receivables and for
matters connected therewith or ...

The Banking Laws (Amendment) Bill, 2012) ["Bill"]

which seeks to amend the Banking Regulation Act, 1949
and the Banking Companies (Acquisition and Transfer of
Undertakings) Act, 1970/1980 has been passed in the
 The Banking 2012 (Act winter session of parliament of India by both the houses.
82 Laws No. 4 of
(Amendment) 2013).
Act

The Finance Act is an important Act in

India and the Central Government, through
2016 (Act this Act, gives effect to financial proposals
83 The Finance No. 28 of at the beginning of every Financial Year.
Act 2016). The Act applies to all the States and Union
Territories of India unless specified
otherwise.

The Finance Act is an important Act in

India and the Central Government, through
84 The Finance 2016(Act this Act, gives effect to financial proposals
Act No.28 of at the beginning of every Financial Year.
2016) The Act applies to all the States and Union
Territories of India unless specified
otherwise.
 First ever the finance bill (2017), have
been passed and got the assent of
Honourable President, before start of the
Financial year.

The budget aimed to achieve target of

Cashless economy(Digital economy) and
also tried to reduce prevailing litigation
due to ambiguity in some old provisions
2017(Act and also tried to pluck loop holes which
85 The Finance No.7 of were being (mis)used to
Act 2017)  evade /save tax by corporate/non
-corporate/trust/institutions and
other entities
and also introduced many new
provisions by rationalizing old
provisions and which would also create
more positive atmosphere for ease of
doing business calculated in case
wherever prescribed, in the manner
provided therein.

Subject to the provision for sub-sections(2)

and (3) for the assessment year
commencing on the first day of April ,
2017,income tax shall be charged at the
rates specified in part 1 of first schedule
 and such tax shall be increased by a
surcharge for the purpose of the union,
calculated in each case in the manner
provided therein. In the cases to which the
paragraph A of Part I of the first Schedule
applies , where the assessee has, in the
previous year , any net agricultural income
exceeding 5000 Rs., in addition to total
income ,and the total income exceeds 2
lakhs fifty thousand rupees, then,--In cases
to which the provisions of Chapter XII or
Chapter XII-A or section 115JB or Section
115Jc or Chapter XII-FA or Chapter XII-
Fb or sub- section (1A) of section 161 or
86 The Finance 2018(13 section 164 or section 164A or section
Act of 2018) 167B of the Income-tax
Act,1961(hereinafter referred to as the
income- tax Act) apply, the tax chargeable
shall be determinedAs provided in that
chapter or that section, and with reference
to the rates imposed by sub-section In-
cases in which tax has to be charged and
paid under section 115-O or section
115QA or sub- section (2) of section 115R
or section 115TA or section 115TD of the
Income-tax Act ,the tax shall be charged
and paid at the rates as specified in those
sections and shall be increased by
surcharge, for purposes of the union,
calculated at the rate of 12 percent of such
tax….