Act Number: 61

Act Name: The National Bank for Agriculture and Rural Development Act, 1981

Year: 1981

Enactment Date: 1981-12-30

Long Title: An Act to establish a development bank to be known as the National Bank for Agriculture and Rural Development for providing and regulating credit and other facilities for the promotion and development of agriculture, small-scale industries, cottage and village industries, handicrafts and other rural crafts and other allied economic activities in rural areas with a view to promoting integrated rural development and securing prosperity of rural areas and for matters connected therewith or incidental thereto.

Ministry: Ministry of Finance

Department: Department of Financial Services

Section 38C: Exemption from compulsory registration.
    1[38C.Exemption from compulsory registration.--Notwithstanding anything contained in subsection (1) of section 17 of the Registration Act, 1908 (16 of 1908)--
         (a) any instrument in the form of debt obligations or trust certificate of beneficial interest or any other instrument, by whatsoever name called, issued by the National Bank or the trust created by it to securitise the loans granted by it and not creating, declaring, assigning, limiting or extinguishing any right, title or interest to or in immovable property; or
         (b) any transfer of such instruments referred to in clause (a), shall not require compulsory registration.]
Notes:
1. Ins. by s. 24, ibid. (w.e.f. 1-2-2001).
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