State Bank of India (Subsidiary Banks) Act : Cost of development programme. Indian Bare Acts :

State Bank of India (Subsidiary Banks) Act,1959

Act No : 38

Section : Cost of development programme.

48. Cost of development programme.- (1) A subsidiary bank may accept any subsidies offered by the State Bank to meet-- (a) the cost of the whole or any part of any specific programme of development undertaken by that subsidiary bank with the approval of the State Bank; and (b) such losses or expenditure as may be approved by the State Bank, with the consent of the Reserve Bank. (2) For the purposes of the Indian Income-tax Act, 1922 (11 of 1922), any subsidy received by a subsidiary bank under sub-section (1) shall not be treated as income, profits or gains of the subsidiary bank.