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of <h1>Amendments to RBI Act Allow Govt to Authorize Banks for Electoral Bonds Issuance, Define 'Electoral Bond'</h1> Clauses 133 and 134 of the Finance Bill, 2017 amend section 31 of the Reserve Bank of India Act, 1934, effective from April 1, 2017. These amendments introduce a new sub-section allowing the Central Government to authorize scheduled banks to issue electoral bonds as outlined in section 13A of the Income-tax Act. Additionally, the amendment provides a definition for 'electoral bond.' These changes are described as consequential in nature and are part of the broader legislative adjustments in the Finance Bill.
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