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of <h1>Central Government exempts banking company from Competition Act Sections 5 & 6 for five years u/s 54.</h1> The Central Government, utilizing its authority under the Competition Act, 2002, has exempted a specific banking company from the application of Sections 5 and 6 of the same Act. This exemption is granted under the powers conferred by clause (a) of section 54 and is applicable for five years from the notification's publication date. The exemption is in response to a notification issued under Section 45 of the Banking Regulation Act, 1949, and is deemed in the public interest. This decision was formalized by the Ministry of Corporate Affairs on March 11, 2020.
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