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

Banking Companies (Acquisition and Transfer of Undertakings) Act,1970

Act No : 5

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.