Short title and

commencement.

THE NATIONAL BANK FOR AGRICULTURE AND RURAL

DEVELOPMENT (AMENDMENT) ACT, 2017

NO. 7 OF 2018

[18th January, 2018.]

An Act further to amend the National Bank for Agriculture and

Rural Development Act, 1981.

BE it enacted by Parliament in the Sixty-eighth Year of the Republic of India as

follows:—

1. (1) This Act may be called the National Bank for Agriculture and Rural Development

(Amendment) Act, 2018.

(2) It shall come into force on such date as the Central Government may, by notification

in the Official Gazette, appoint, and different dates may be appointed for different provisions

of this Act.

2. In the National Bank for Agriculture and Rural Development Act, 1981 (hereinafter

referred to as the principal Act), in the long title, for the words “small-scale industries,

cottage and village industries”, the words “micro-enterprises, small enterprises and medium

enterprises, cottage and village industries, handlooms” shall be substituted.

Amendment

of long title.

61 of 1981.

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EXTRAORDINARY

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PART II — Section 1

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PUBLISHED BY AUTHORITY

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Separate paging is given to this Part in order that it may be filed as a separate compilation.

REGISTERED NO. DL—(N)04/0007/2003—18

MINISTRY OF LAW AND JUSTICE

(Legislative Department)

New Delhi, the 19th January, 2018/Pausha 29, 1939 (Saka)

The following Act of Parliament received the assent of the President on the

18th January, 2018, and is hereby published for general information:—

THE GAZETTE OF INDIA EXTRAORDINARY

[PART II—

3. In section 2 of the principal Act,––

(a) clause (i) shall be omitted;

(b) after clause (k), the following clause shall be inserted, namely:––

‘(ka) “micro enterprise”, “small enterprise” and “medium enterprise”, shall

have the same meanings as are respectively assigned to them in the Micro, Small

and Medium Enterprises Development Act, 2006;’;

tiny and decentralised sector and small-scale industry and handicrafts”, the words

“micro-enterprises, small enterprises and medium enterprises, handicrafts, handlooms”

shall be substituted;

(d) clause (t) shall be omitted.

4. In section 3 of the principal Act, in sub-section (3), for the word “Bombay”, the word

“Mumbai” shall be substituted.

5. In section 4 of the principal Act,––

(a) in sub-section (1), for the proviso, the following provisos shall be substituted,

namely:––

“Provided that the Central Government may, by notification, increase the

said capital up to thirty thousand crore rupees:

Provided further that the Central Government may, in consultation with

the Reserve Bank and by notification, further increase the said capital to such

amount as it may deem necessary from time to time.”;

(b) for sub-section (2), the following sub-sections shall be substituted, namely:—

“(2) The capital of the National Bank which has been subscribed to by the

Reserve Bank valued at twenty crore rupees as on the date immediately preceding

the commencement of the National Bank for Agriculture and Rural Development

(Amendment) Act, 2017 shall, on such commencement, stand transferred to, and

vested in, the Central Government:

Provided that the National Bank may issue capital to such institutions and

persons in such manner as may be notified by the Central Government:

Provided further that the shareholding of the Central Government shall

not at any time be less than fifty-one per cent. of the total subscribed capital.

(3) The Central Government shall give to the Reserve Bank an amount

equal to the face value of the subscribed capital, valued at twenty crores of

rupees, referred to in sub-section (2), in cash, for transfer to, and vesting in the

Central Government of the capital of the National Bank which has been so

subscribed to by the said Bank.”.

6. In section 6 of the principal Act, in sub-section (1), in clause (b), for the words

“small-scale industries”, the words “micro-enterprises, small enterprises and medium

enterprises” shall be substituted.

7. In section 14 of the principal Act, in sub-section (1), for the words “small-scale

industries”, the words “micro-enterprises, small enterprises and medium enterprises” shall

be substituted.

8. In section 21 of the principal Act, in sub-section (1), in clause (v), for the words

“small-scale industries, industries in the tiny and decentralised sector, village and cottage

industries or of those engaged in the field of handicrafts,”, the words “village and cottage

industries, micro-enterprises, small enterprises and medium enterprises or of those engaged

in the field of handicrafts, handlooms” shall be substituted.

Amendment

of section 2.

Amendment

of section 3.

27 of 2006.

Amendment

of section 4.

Amendment

of section 6.

Amendment

of section 14.

Amendment

of section 21.

SEC. 1]

THE GAZETTE OF INDIA EXTRAORDINARY

9. In section 23 of the principal Act, for the words “small-scale industries, industries in

the tiny and decentralised sector, village and cottage industries and those engaged in the

field of handicrafts and other rural crafts,”, the words “village and cottage industries, micro

enterprises, small enterprises and medium enterprises and those engaged in the field of

handicrafts, handlooms and other rural crafts” shall be substituted.

10. In section 25 of the principal Act, in sub-section (1), in clause (c), for the words

“small-scale industries, industries in the tiny and decentralised sector, village and cottage

industries and those engaged in the field of handicrafts”, the words “village and cottage

industries, micro-enterprises, small enterprises and medium enterprises and those engaged

in the field of handicrafts, handlooms” shall be substituted.

11. In section 37A of the principal Act, in sub-section (1),––

(a) in the proviso, in clauses (a) and (b), for the words and figures “in section 617

of the Companies Act, 1956”, the words, brackets and figures “in clause (45) of section

2 of the Companies Act, 2013” shall be substituted;

(b) in the Explanation, for the words, brackets and figures “in clause (41) of

section 2 of the Companies Act, 1956”, the words, brackets and figures “in clause (77)

of section 2 of the Companies Act, 2013” shall be substituted.

12. In section 48 of the principal Act, in sub-section (1), for the words and figures

“section 226 of the Companies Act, 1956”, the words and figures “section 141 of the

Companies Act, 2013” shall be substituted.

13. In section 52A of the principal Act, in sub-section (1), for the words and figures

“the Companies Act, 1956”, the words and figures “the Companies Act, 2013” shall be

substituted.

Amendment

of section 23.

Amendment

of section 25.

Amendment

of section

37A.

Amendment

of section 48.

Amendment

of section

52A.

1 of 1956.

18 of 2013.

1 of 1956.

18 of 2013.

1 of 1956.

18 of 2013.

1 of 1956.

18 of 2013.

————

DR. G. NARAYANA RAJU,

Secretary to the Govt. of India.

GMGIPMRND—3702GI(S3)—19-01-2018.

UPLOADED BY THE GENERAL MANAGER, GOVERNMENT OF INDIA PRESS, MINTO ROAD, NEW DELHI–110002

AND PUBLISHED BY THE CONTROLLER OF PUBLICATIONS, DELHI–110054.

MANOJ

KUMAR

Digitally signed by

MANOJ KUMAR

Date: 2018.01.19

22:14:10 +05'30'