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of <h1>Government Companies in Industrial Promotion Exempted from Specific Accounting Provisions Under Section 209 Companies Act 1956</h1> The Central Government has issued a notification modifying clause (b) of sub-section (3) of section 209 of the Companies Act, 1956. This modification exempts government companies involved in industrial promotion and development from certain accounting provisions. Specifically, it pertains to income from interest on seed and bridge loans, interest on installments for industrial plots or sheds, and claims for special rebates on handloom clothes sales. Such income, if not recorded in the accounts, must be disclosed in the company's annual accounts. This notification has been presented in draft form to both Houses of Parliament as required by law.
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