Exemption from sub section 1 of section 7 of the Banking Regulation Act, 1949

REGD. No. D. L.-33004/99 The Gazette of India CG-DL-E-16052024-254211 EXTRAORDINARY PART II-Section 3-Sub-section (ii) PUBLISHED BY AUTHORITY No. 1907] NEW DELHI, THURSDAY, MAY 16, 2024/VAISAKHA 26, 1946 3048 GI/2024 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II-SEC. 3(ii)] MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 16th May, 2024 S.O. 2005(E). In exercise of the powers conferred by section 53 of the Banking Regulation Act, 1949 (10 of 1949), the Central Government on recommendation of the Reserve Bank of India, hereby declares that the provision of sub-section (1) of section 7 of the said Act shall not apply to “UBS AG” a Switzerland based bank while carrying on banking business in India. [F. No. 7/46/2024-BOA-I] SAMEER SHUKLA, Jt. Secy. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.