Section - 1 - Voluntary Deposits (Immunities And Exemptions) Act, 1991

Section - 1 - Short title and extent.

THE VOLUNTARY DEPOSITS (IMMUNITIES AND EXEMPTIONS) ACT, 1991

[47 OF 1991]

An Act to provide for certain immunities to persons making voluntary deposits with the National Housing Bank and for certain exemptions from direct taxes in relation to such deposits and for matters connected therewith or incidental thereto.

WHEREAS for effective economic and social planning it is necessary to canalise for certain social objectives black money which has become a serious threat to the national economy.

AND WHEREAS with a view to such canalisation, the Central Government has decided to allow voluntary deposits being made with the National Housing Bank in accordance with a scheme to be formulated by that Bank whereunder forty per cent of the amount of such deposits will be credited to a special fund to be created for financing slum clearance and low cost housing for the poor and sixty per cent of the amount of such deposits can be utilised by the depositors for purposes specified by them.

AND WHEREAS it is expedient to provide for certain immunities and exemptions to render it possible for persons in possession of black money to make such deposits.

BE it enacted by Parliament in the Forty-second Year of the Republic of India as follows : —

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