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of <h1>Amendment to Section 2 of Interest-tax Act: New Definitions for 'Credit Institution' and 'Financial Company' Effective October 1991.</h1> The Finance (No. 2) Act, 1991 amends section 2 of the Interest-tax Act, 1974, effective October 1, 1991. It introduces definitions for 'credit institution' and 'financial company.' A 'credit institution' includes banking companies, co-operative societies engaged in banking, public financial institutions, state financial corporations, and other financial companies. A 'financial company' encompasses hire-purchase finance companies, investment companies, housing finance companies, loan companies, mutual benefit finance companies, and miscellaneous finance companies. Additionally, the definition of 'interest' is revised to include certain charges and discounts but excludes specific interests and discounts, and clause (9) is omitted.
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