Amendment status not verified — confirm the current text below against the official source.
In this Act, unless the context otherwise requires,-- (a) "Board" means the Board of Directors of the Development Bank; (b) "Development Bank" means the Industrial Development Bank of India established under section 3; [(c) "industrial concern" means any concern engaged or to be engaged in,-- (i) the manufacture, preservation or processing of goods; (ii) shipping; [(iii) mining included development of mines;] (iv) the hotel industry; (v) the transport of passengers or goods by road or by water or [by air or by ropeway or by lift]; [(vi) the generation, storage or distribution of electricity or any other form of energy;] (vii) the maintenance, repair, testing or servicing of [machinery or equivalent] of any description or vehicles or vessels or motor boats or trailers or tractors; (viii) assembling, repairing or packing any article with the aid of machinery or power; [(ix) the setting up of, or development of, an industrial area or an industrial estate;] (x) fishing or providing shore facilities for fishing or maintenance thereof; (xi) providing special or technical knowledge or other services for the promotion of industrial growth; or [(xii) providing engineering, technical, financial management, marketing or other services or facilities for industry; (xiii) service industry such as altering, ornamenting, polishing, finishing, oiling, washing, cleaning or otherwise treating or adapting any article or substance with a view of its use, sale, transport, delivery or disposal; (xiv) providing medical, health or other allied services; (xv) providing services relating to infromation technology, telecommunication or electronics; (xvi) leasing, sub-leasing or giving on hire or hire purchase of industrial plants, equipments, machinery or other assets including vehicles, ships and aircraft; (xvii) such other activity as the Central Government may, having regard to the objects of this Act, by notification in the Official Gazette, specify in this behalf; or (xviii) the research and development of any concept, technology design, process or product whether in relation to any of the matters aforesaid, including any activities specified under sub-clause (xvii), or any other matter. Explanation.-- The expression "processing of goods" includes any art or process for producing, preparing or making an article by subjecting any material to a manual, mechanical, chemical electrical or any other like operation;] [(d) "Industrial Finance Corporation" means the Industrial Finance Corporation of India Limited formed and registered under the Companies Act, 1956 (1 of 1956);] [(da) "nationalised bank" means a corresponding new bank specified in the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) or a corresponding new bank specified in the First Schedule to the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1980 (40 of 1980);] (e) "prescribed" means prescribed by regulations made under this Act; (f) "Reserve Bank" means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 (2 of 1934); (g) "scheduled bank" means a bank for the time being included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934); [(ga) "State Bank" means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955); (gb) "subsidiary bank" has the meaning assigned to it in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959);] (h) "State Co-operative Bank" has the same meaning as in the Reserve Bank of India Act, 1934 (2 of 1 934); (i) "State Financial Corporation" means a financial corporation established under section 3 or section 3A of the State Financial Corporation Act, 1951 (63 of 1951) and includes the [Tamil Nadu] Industrial Investment Corporation Limited; [(j) "Unit Trust" means the Unit Trust of India established under section 3 of the Unit Trust of India Act, 1963 (52 of 1963).] Subs. by the Act 52 of 1975, sec. 3, for clause (c) (w.e.f. 16/02/1976). Subs. by Act 35 of 1986, sec. 2, for sub-clause (iii) (w.e.f. 14/08/1986). Subs. by Act 35 of 1986, sec. 2, for "by air" (w.e.f. 14/08/1986). Subs. by Act 35 of 1986, sec. 2, for sub-clause (vi) (w.e.f. 14/08/1986). Subs. by Act 35 of 1986, sec. 2, for "machinery" (w.e.f. 14/08/1986). Subs. by Act 35 of 1986, sec. 2, for sub-clause (ix) (w.e.f. 14/08/1986). Subs. by Act 35 of 1986, sec. 2, for sub-clause (xii) and Explanation (w.e.f. 14/08/1986). Subs. by Act 5 of 1995, sec. 2, for clause (d) (w.r.e.f. 12/10/1994). Ins. by Act 52 of 1975, sec. 3 and subs. by Act 35 of 1986, sec. 2 (w.e.f. 14/08/1986). Ins. by Act 52 of 1975, sec. 3 (w.e.f. 16/02/1976). Subs. by Act 75 of 1972, sec. 2, for "Madras".