The Industrial Development Bank of India Act, 1964

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The Industrial Development Bank of India Act, 1964

THE INDUSTRIAL DEVELOPMENT BANK OF INDIA ACT, 1964 ACT NO. 18 OF 1964

[16th May, 1964.] BE

An Act to establish the Industrial Development Bank of India 1*[as the principal financial institution for co-ordinating, in conformity with national priorities, the working of institutions engaged in financing, promoting or developing industry, for assisting the development of such institutions] for providing credit and other facilities for the development of industry and for matters connected therewith and further to amend certain enactments.

CHAP

PRELIMINARY

CHAPTER I

PRELIMINARY

1.

Short title, extent and commencement.

1. Short title, extent and commencement.- (1) This Act may be called the Industrial Development Bank of India Act, 1964.

(2) It extends to the whole of India.

(3) It shall come into force on such date 2* as the Central Government may, by notification in the Official Gazette, appoint and different dates may be appointed for different provisions of this Act.

2.

Definitions.

2. Definitions.- In this Act, unless the context otherwise requires,--

(a) "Board" means the Board of Directors of the Development Bank;

(b) "Development Bank" means the Industrial Development Bank of India established under section 3;

3*[(c) "industrial concern" means any concern engaged or to be engaged in,--

(i) the manufacture, preservation or processing of goods;

[See footnote 1 for this section]

(ii) shipping;

1*[(iii) mining including development of mines]

(iv) the hotel industry;

2*[(v) the transport of passengers or goods by road or by water or [by air or by ropeway or by life]

1*[(vi) the generation, storage or distribution of electricity or any other form of energy;]

(vii) the maintenance, repair, testing or servicing of 3*[machinery or equipment] of any description or vehicles or vessels or motor boats or trailers or tractors;

(viii) assembling, repairing or packing any article with the aid of machinery or power;

1*[(ix) the setting up of, or development of, an industrial area or an industrial estate;]

(x) fishing or providing shore facilities for fishing maintenance thereof;

(xi) providing special or technical knowledge or other services for the promotion of industrial growth; or 1*[(xii) providing engineering, technical, financial, management, marketing or other services or facilities for industry;

(xiii) service industry such as altering, ornamenting, polishing, finishing, oiling, washing, cleaning or otherwise treating or adapting any article or substance with a view to its use, sale, transport, delivery or disposal;

(xiv) providing medical, health or other allied services;

(xv) providing services relating to information technology, telecommunication or electronics;

(xvi) leasing, sub-leasing or giving on hire or hire-

purchase of industrial plants, equipments, machinery or other assets including vehicles, ships and aircraft;

(xvii) such other activity as the Central Government may, having regard to the objects of this Act, by notification in the Official Gazette, specify in this behalf; or (xviii) the research and development of any concept, technology, design, process or product whether in relation to any of the matters aforesaid, including any activities specified under sub-clause (xvii), or any other matter.

Explanation.--The expression "processing of goods" includes any art or process for producing, preparing or making an articl...

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