Section 93B: Exemption from requirement of licence

93B. Exemption from requirement of licence. Any requirement of a licence or permit to import or expert any commodity or article or its purchase or sale shall not apply to a banking company undertaking such transaction in the normal course of its banking business. 1S.91A Ins by the Banking Companies (amdt) Act,1972(30 of 1972), s.22. Explanation.-- In this section, a transaction undertaken by a banking company shall be deemed to be in the normal course of its banking business, only if it is based on an agreement for sale or purchase, lease, or hire-purchase of the said commodity or article by the banking company with its customer to whom finance is provided by it and who is in possession of a valid licence or has otherwise complied with the requirements of law governing the import or export or sale or purchase of such commodity or article.

Effective date: 1962-06-07

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