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of <h1>Central Government Updates Rules on Interest for Nationalized Banks with Low Profit Ratios under Section 193 of Income-tax Act.</h1> The Central Government, exercising powers under section 193 of the Income-tax Act, 1961, supersedes Notification No. S.O. 5651 dated December 4, 1985. This new notification specifies that interest on securities of the Central and State Governments, payable to certain nationalized banks, will be affected. The banks listed include UCO Bank, United Bank of India, Dena Bank, New Bank of India, Punjab Sind Bank, Vijaya Bank, and Punjab National Bank. These banks have a published profits to working funds ratio of less than 0.1 percent. This specification is made under the Banking Companies (Acquisition and Transfer of Undertakings) Acts of 1970 and 1980.
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