All Sections

Exemptions.

§60

Summary

1[60.] Exemptions.- Without prejudice to the provisions of section 19, nothing in this Act shall affect the debts and other liabilities of any debtor or small farmer falling under any of the following matters, namely:- (a) debts due to any Government; (b) debts due to any local authority including amount due by way of tax, cess or fee; (c) debts due to - (i) (a) a banking company as defined in the Banking Regulation Act, 1949 (10 of 1949); (b) the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955); (c) a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959); (d) a corresponding new bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970); (e) the Agricultural Refinance Corporation constituted under the Agricultural Refinance Corporation Act, 1963 (10 of 1963); and (ii) any other banking, financial or any institution which the State Government may, by notification in the Official Gazette, specify in this behalf; (d) any sum recoverable by way of arrear of land revenue; (e) any advance of loan given to a debtor by his employer for any specific purpose, such as, for festival, medical treatment, meeting any educational, marriage or funeral expenses and the like; (f) any sum due in favour of public trust registered under the Bombay Public Trusts Act, 1950 (Bom. XXIX of 1950); (g) any claim arising out of contract or transaction not connected with money lending.

1[60.] Exemptions.- Without prejudice to the provisions of section 19, nothing in this Act shall affect the debts and other liabilities of any debtor or small farmer falling under any of the following matters, namely:- (a) debts due to any Government; (b) debts due to any local authority including amount due by way of tax, cess or fee; (c) debts due to - (i) (a) a banking company as defined in the Banking Regulation Act, 1949 (10 of 1949); (b) the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955); (c) a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959); (d) a corresponding new bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970); (e) the Agricultural Refinance Corporation constituted under the Agricultural Refinance Corporation Act, 1963 (10 of 1963); and (ii) any other banking, financial or any institution which the State Government may, by notification in the Official Gazette, specify in this behalf; (d) any sum recoverable by way of arrear of land revenue; (e) any advance of loan given to a debtor by his employer for any specific purpose, such as, for festival, medical treatment, meeting any educational, marriage or funeral expenses and the like; (f) any sum due in favour of public trust registered under the Bombay Public Trusts Act, 1950 (Bom. XXIX of 1950); (g) any claim arising out of contract or transaction not connected with money lending.

← Previous Section Next Section →

Explore this Chapter