Section 11
Corresponding new bank deemed to be an Indian company
The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970
About this Act
An Act to provide for the acquisition and transfer of the undertakings of certain banking companies, having regard to their size, resources, coverage and organisation, in order to control the heights of the economy and to meet progressively, and serve better, the needs of development of the economy in conformity with national policy and objectives and for matters connected therewith or incidental thereto.
For the purposes of the
Income-tax Act, 1961 (43 of 1961), every corresponding new bank shall be deemed to be an Indian
company and a company in which the public are substantially interested.