MANU/CBDT/0109/2021

Ministry : Ministry of Finance

Department/Board : CBDT

Notification No. : 98/2021

Date of Notification : 02.09.2021

Date of Publication : 02.09.2021

Notification regarding specified bank to mean a banking company which is a scheduled bank and has been appointed as an agent under Section 45 of Reserve Bank of India Act, 1934

S.O.3595(E).--In exercise of the powers conferred by clause (a) of Explanation to section 194P of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies specified Bank to mean a banking company which is a scheduled bank and has been appointed as agents of Reserve Bank of India under section 45 of the Reserve Bank of India Act, 1934 (2 of 1934).

Explanation: For the purpose of this notification,--

1. "banking company" shall have the meaning assigned to it in clause (a) of section 45A of the Reserve Bank of India Act, 1934 (2 of 1934);

2 "scheduled bank" shall have the meaning assigned to it in clause (e) of section 2 of the Reserve Bank of India Act, 1934 (2 of 1934).

2. This notification shall come into force from the date of publication in the Official Gazette.

[F. No. 370142/11/2021-TPL]
ANKIT JAIN, Under Secy. (Tax Policy and Legislation Division)