Voluntary Deposits (Immunities and Exemptions) Act, 1991

2. Definitions.-

In this Act, unless the context otherwise requires,--

a.   "deposit" means a voluntary deposit made by any person with the National Housing Bank in accordance with the scheme on or after the commencement of this Act but before the specified date.

Explanation.--For the purposes of this clause, "specified date" means the 1st day of December, 1991 or such other later date as the Central Government may, by notification in the Official Gazette, specify in this behalf;

a.  

b.   "National Housing Bank" means the National Housing Bank established under section 3 of the National Housing Bank Act, 1987; (53 of 1987)

c.   "net deposit" means sixty per cent of the amount of deposit made by any person with the National Housing Bank in accordance with the scheme;

d.   "person" includes-

  i.   an individual,

a Hindu undivided family,

  iii.   a company;

  iv.   a firm,

  v.   an association of persons or a body of individuals, whether incorporated or not, and

  vi.   every artificial juridical person, not falling within any of the preceding sub-clauses, but does not include a local authority;

e.   "scheme" means a scheme formulated by the National Housing Bank under the National Housing Bank Act, 1987 (53 of 1987.) for the purpose of enabling-- (i) any person to make deposit with that Bank; (ii) such Bank to credit forty per cent. of the amount of such deposit to a special fund created for financing slum clearance and low cost housing for the poor; and (iii) the depositor to utilise the net deposit for any purpose specified by him;

f.   all other words and expressions used in this Act but not defined and defined in the Income-tax Act, 1961 (43 of 1961) shall have the meanings respectively assigned to them in that Act.

Back

Index

Next