Banking Regulation Act, 1949
34. Accounting provisions 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.