Ownership transfer: Central Government to assume control and functions of the National Housing Bank under proposed amendments. Clauses 159-174 of the Finance Bill, 2018 amend the National Housing Bank Act, 1987 to substitute references to the Reserve Bank with the Central Government, transferring ownership and certain control functions; reduce Reserve Bank representation on the Board from two directors to one; permit the Central Government to specify the head office location by notification; empower the Central Government to increase authorised capital by notification; and provide for transfer of subscribed capital from the Reserve Bank to the Central Government, with consequential updates to corporate and foreign exchange statute references.
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Ownership transfer: Central Government to assume control and functions of the National Housing Bank under proposed amendments.
Clauses 159-174 of the Finance Bill, 2018 amend the National Housing Bank Act, 1987 to substitute references to the Reserve Bank with the Central Government, transferring ownership and certain control functions; reduce Reserve Bank representation on the Board from two directors to one; permit the Central Government to specify the head office location by notification; empower the Central Government to increase authorised capital by notification; and provide for transfer of subscribed capital from the Reserve Bank to the Central Government, with consequential updates to corporate and foreign exchange statute references.
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