28.
POWER TO EXEMPT.
Where the Central Government is of the opinion that it is necessary or expedient so to do
either in the public interest or having regard to the peculiar circumstances of
the case, it may, by notification, and subject to conditions, if any, as may be specified
in the notification, exempt any credit institution or any class of credit
institutions or any interest on any category of loans or advances from the levy of
interest-tax :
Provided that no such exemption shall be made except on the recommendation of the Reserve
Bank of India. |
