Banking Regulation Act : Accounting provision of this Act not retrospective. Indian Bare Acts :

Banking Regulation Act,1949

Act No : 10

Section : Accounting provision of this Act not retrospective.

34. Accounting provision of this Act not retrospective.- Nothing in this Act shall apply to the preparation of accounts by a banking company and the audit and submission thereof in respect of any accounting year which has expired prior to the commencement of this Act, and notwithstanding the other provisions of this Act, such accounts shall be prepared, audited and submitted in accordance with the law in force immediately before the commencement of this Act. ---------------------------------------------------------------------- 1. Subs. by Act 33 of 1959, s. 19, for sub-section (1) (w.e.f. 1-10- 1959). 2. Subs. by Act 20 of 1950, s. 3, for "outside the States". 3. Subs. by s. 3, ibid., for "in the States". 76