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of <h1>Amendment to Section 3 of Industrial Development Bank Act: Key Changes and New Proviso by Finance Act 2021.</h1> Section 3 of the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 has been amended by the Finance Act, 2021. The amendment involves omitting the phrase 'in addition to the business which may be carried on and transacted by the Development Bank' from sub-section (2). Additionally, a new proviso is added, stating that certain provisions will no longer apply after the commencement of Part XIII of the Finance Act, 2021. From this commencement, the Company will be considered to have obtained a license under section 22 of the Banking Regulation Act, 1949.
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