114. After section 8A of the Indian Stamp Act, 1899, the following section shall be inserted, namely :—

‘8B. Notwithstanding anything contained in this Act or any other law for the time being in force,—

(a) a scheme for corporatisation or demutualisation, or both of a recognised stock exchange; 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 corporatisation or demutualisation, or both of a recognised stock exchange pursuant to a scheme,

Explanation.—For the purposes of this section,—

(a) the expressions “corporatisation”, “demutualisation” and “scheme” shall have the meanings respectively assigned to them in clauses (aa), (ab) and (ga) of section 2 of the Securities Contracts (Regulation) Act, 1956;

115. Section 2 of the Contingency Fund of India Act, 1950 shall be numbered as sub-section (1) thereof, and after sub-section (1) as so numbered, the following sub-section shall be inserted, namely:—

“(2) On and from the date on which the Finance Bill, 2005 receives the assent of the President, the sum which shall be paid from and out of the Consolidated Fund of India into the Contingency Fund of India under sub-section (1) shall stand enhanced to five hundred crores of rupees.”.

117. In section 2 of the Government Savings Certificates Act, 1959, for clause (a), the following clauses shall be substituted, namely:—

‘(a) “holder”, in relation to a savings certificate, means—

(i) a person who holds the savings certificate issued in accordance with the provisions of this Act and of any rules made thereunder at any time before the date on which the Finance Bill, 2005 receives the assent of the President; and

(ii) an individual who holds the savings certificate issued in accordance with the provisions of this Act and of any rules made thereunder at any time on or after the date on which the Finance Bill, 2005 receives the assent of the President;

21 of 1998

27 of 1999.

123. In the Finance Act, 2003 -

(a) Section 128 shall be omitted;
(b) in section 134, the Explanation shall be omitted;
(c) section 157 shall be omitted;
(d) in section 169, the portion beginning with the words" and the amendment so made" and ending with the words "repealed by a Central Act" shall be committed with effect from the 31st day of March, 2005;
(e) the Forth Schedule shall be omitted.

124. In the Finance (No. 2) Act, 2004 -

(a) in section 88, after sub-section (4), the following sub-section shall be inserted, namely:-

(i) The Central Excise Officer shall, on or before the 25th day of May, 2005, serve notice on the person from whom the recovery is to be made (hereinafter referred to as the assessee), requiring the assessee to declare the amount of credit utilised by him on different dates for payment of duty of excise (hereinafter referred to as the CENVAT duty) leviable under the First Schedule or the Second Schedule to the Central Excise Tariff Act, 1985;

(ii) the assessee shall furnish the declaration as required under clause (i) on or before the 31st day of May, 2005;

(iii) the Central Excise Officer shall, after considering the declaration made by the assessee under clause (ii), determine the amount of credit utilised on the different dates for payment of CENVAT duty;

(iv) the Central Excise Officer shall separately determine the amount of interest on the amount of credit (hereinafter referred to as the amount of interest) utilised for paying the CENVAT duty, in accordance with the provisions of clause (v);

(v) the amount of interest on amount of credit utilised for paying the CENVAT duty shall be at a rate of thirteen per cent. per annum for the period beginning on the from the day when each time the amount of credit was so utilised and ending on the 10th day of September, 2004;

(vi) the Central Excise Officer shall, on or before the 15th day of June, 2005, inform the assessee, in writing, the amount of credit and the amount of interest so determined under clauses (iii) and (iv);

(vii) the assessee shall pay an amount equal to one-thirty sixth part of each of the amount determined under clauses (iii) and (iv) by the fifth day of every months, commencing from the month, following the month of receipt of information or the amount determined by the Central Excise Officer;

(viii) the assessee may make payment on his own towards the amount of credit or, as the case may be, the amount of interests, in excess of the amount required to be paid up to a particular month;

(ix) where the assessee pays the total amount of credit and the amount of interest so determined under clauses (iii) and (iv) respectively, the Central Excise Officer shall issue an order confirming the payment of credit and the amount of interest and discharging the assessee from any recovery of the amount of credit;

(x) for the purpose of this sub-section, it is hereby clarified that the amount of credit has been fully utilised first towards payment of the CENVAT duty before utilising the VENVAT credit of additional duty leviable under section 3 of the Additional Duties of Excise (Goods of Special Importance) Act, 1957 paid on or after the 1st day of April, 2000 for payment of the CENVAT duty.

6. Where the assessee fails to furnish the declaration as required under clause (i), or has furnished the declaration but failed to pay the amount by the day as specified in clause (vii), of sub-section 5, the provisions of sub-section (4) shall apply subject to the modification that the notice, requiring the assessee to show cause why he should not pay the amount specified in the notice, shall be served upon him within three months from the date of his such failure.";

(b) in section 94, in sub-section (1), clause (a) shall be re-lettered as clause (aa) thereof, and before clause (aa) as so re-lettered, the following clause shall be inserted, namely :—

“(a) the additional duty referred to in sub-section (5) of section 3 of the Customs Tariff Act, 1975 (51 of 1975);”.

(c) In section 98, in the Table, with effect from the 1st day of June, 2005,—

(i) against Sl. No.1, under column (3) relating to rate, for the figures and words “0.075 per cent”, the figures and words “0.1 per cent” shall be substituted;

(ii) against Sl. No. 2, under column (3) relating to rate, for the figures and words “0.075 per cent”, the figures and words “0.1 per cent” shall be substituted;

(iii) against Sl. No. 3, under column (3) relating to rate, for the figures and words “0.015 per cent”, the figures and words “0.02 per cent” shall be substituted;

(iv) against Sl. No. 4, under column (3) relating to rate, for the figures and words “0.01 per cent”, the figures and words “0.0133 per cent” shall be substituted;

(v) against Sl. No. 5, under column (3) relating to rate, for the figures and words “0.15 per cent”, the figures and words “0.2 per cent” shall be substituted.