Amendment status not verified — confirm the current text below against the official source.
Repeal and validation etc. ***** STATEMENT OF OBJECTS AND REASONS I Act 16 of 1980.- To assist the commercial banks in their lending programmes especially to those who are closely inter-linked with the objectives of the Government, the Karnataka Public Moneys (Recovery of Dues) Act, 1976 was enacted and it provided for recoveries of commercial banks loans as arrears of land revenue in so far as these loan were given to schemes notified by Government as "State Sponsored Schemes". The operation of this Act has revealed that there are several other schemes which are considered by Government as "Socially desirable schemes" in which there may not be any financial participation by the State Government but they are vital to the fulfillment of the Government objectives and the commercial banks will have to be encouraged to support those programmes with a view to bringing about such a syncronisation, an amendment to this Act incorporating the socially desirable schemes, their definition and components is necessary. When the amendment Bill was referred to the Law Department for taking further action, it observed that while enacting the Karnataka Public Moneys (Recovery of Dues) Act, 1976, the assent of the President of India was not obtained even though some of the provisions of the said Act were repugnant to the existing Central law falling under Entry 13 List III of the Seventh Schedule to the Constitution of India and that the validity of the Act was being challenged in a court of law on that basis. To remedy the defect, it has become necessary to promulgate a new Act with retrospective effect with a provision to validate the action taken under the Public Moneys (Recovery of Dues) Act, 1976. Hence this Bill. (Published in the Karnataka Gazette Part-IV-2A (Extraordinary), dated 16th May 1979, No.471, at page 8-9.) II Amending Act 48 of 1981.- To assist the commercial banks in their lending programmes especially those which are closely inter-linked with the objective of the Government, the Karnataka Public Moneys (Recovery of Dues) Act, 1979 was enacted. 2 While communicating the assent of the President to the said Legislation the Ministry of Home Affairs Government of India suggested that the definition of the 'Banking Company' may be amended as now proposed in this Bill. Hence the Bill. (Pubished in the Karnataka Gazette Part-IV-2A (Extraordinary), dated 3rd February 1981, No.103, at page 4.) III Amending Act 37 of 1985.- The Bill proposes to amend the Karnataka Public Moneys (Recovery of Dues) Act 1979, for the following purposes:- Clause 3.- to specify the future rate of interest to be recovered. Hence the Bill. (Published in the Karnataka Gazette Part-IV-2A (Extraordinary), dated 5th August 1985, No. 426, at page 2.) * * * * 3 KARNATAKA ACT No. 16 OF 1980 (First published in the Karnataka Gazette Extraordinary dated Twenty fourth day of April, 1980) THE KARNATAKA PUBLIC MONEYS (RECOVERY OF DUES) ACT, 1979 (Received the assent of the President on the Eighteenth day of April, 1980) (As Amended by Act 48 of 1981 and 37 of 1985) An Act to provide for the speedy recovery of certain classes of dues. WHEREAS it is expedient to provide for the speedy recovery of certain classes of dues; BE it enacted by the Karnataka State Legislature in the Thirty first Year of the Republic of India as follows:-