¹ [Notwithstanding anything contained in this Act or any other law for the time being in force, —

   (a)  conversion of a branch of a bank into a wholly owned subsidiary of the bank or transfer of shareholding of a bank to a holding company of the bank in terms of the scheme or guidelines of the Reserve Bank of India shall not be liable to duty under this Act or any other law for the time being in force; or

   (b)  any instrument, including an instrument of, or relating to, transfer of any property, business, asset whether movable or immovable, contract, right, liability and obligation, for the purpose of, or in connection with, the conversion of a branch of a bank into a wholly owned subsidiary of the bank or transfer of shareholding of a bank to a holding company of the bank in terms of the scheme or guidelines issued by the Reserve Bank of India in this behalf, shall not be liable to duty under this Act or any other law for the time being in force.

Explanation.—

   (i)  For the purposes of this section, the expression “bank” means—

   (a)  “a banking company” as defined in clause (c) of section 5 of the Banking Regulation Act, 1949(10 of 1949);

   (b)  “a corresponding new bank” as defined in clause (da) of section 5 of the Banking Regulation Act, 1949 (10 of 1949);

   (c)  “State Bank of India” constituted under section 3 of the State Bank of India Act, 1955 (23 of 1955);

   (d)  “a subsidiary bank” as defined in clause (k) of section 2 of the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959);

   (e)  “a Regional Rural Bank” established under section 3 of the Regional Rural Banks Act, 1976 (21 of 1976);

   (f)  “a Co-operative Bank” as defined in clause (cci) of section 5 of the Banking Regulation Act, 1949 (10 of 1949);

   (g)  “a multi-State co-operative bank” as defined in clause (cciiia) of section 5 of the Banking Regulation Act, 1949(10 of 1949);

   (ii)  For the purposes of this section, the expression the “Reserve Bank of India” means the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934).]