Banking Companies (Acquisition and Transfer of Undertakings) Act : Corresponding new bank deemed to be

Banking Companies (Acquisition and Transfer of Undertakings) Act,1980

Act No : 40

Section : Corresponding new bank deemed to be an Indian company.

11. Corresponding new bank deemed to be an Indian company. For the purposes of the Income-tax Act, 1961 (43 of 1961), every corresponding new bank shall be deemed to be an Indian company and a company in which the public are substantially interested.