CS Executive · Setting Up of Business, Industrial and Labour Laws · Financial Services Organization
A law student reads that section 57A was inserted into the Reserve Bank of India Act, 1934 by Act 50 of 2019 and asks when this insertion took effect. According to the footnote to the section, from which date did it take effect?
Section 57A of the Reserve Bank of India Act, 1934 took effect on 1 October 2020. It was inserted by Act 50 of 2019 through section 33 and the Second Schedule. The other dates relate to the original commencement of the Act or to the Banking Regulation Act.
- A1 January 1935
- B1 April 1935
- C30 December 1953
- D1 October 2020Correct
Explanation
The footnote states that section 57A was inserted by Act 50 of 2019, s. 33 and the Second Schedule, with effect from 1-10-2020. The 1935 dates relate to the commencement of the original Act's sections, and 30-12-1953 relates to the Banking Regulation Act's section 51A.
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