Section 42   [ View Judgements ]

Every director, auditor, officer, or other employee of the Corporation or an employee of the Reserve Bank, whose services are utilised by the Corporation under sub-section (2) of Section 34, shall, before entering upon his duties, make a declaration of fidelity and secrecy in the form set out in the First Schedule to this Act.

Any sum paid by the Central Government under the guarantee given in pursuance of Section 6-or, under any guarantee given in pursuance of sub-section (1) of Section 20 or sub-section (2) of Section 21 shall not be treated as the income, profits and gains of the Corporation, and any interest paid by the Corporation on debentures or bonds or on foreign currency borrowed under sub-section (1) of Section 21out of such sum shall not be treated for the purpose of income-tax or super-tax as expenditure incurred by it:

PROVIDED that in the case of any shareholder such portion of a dividend as has been paid out of any such sum advanced by the Central Government shall be deemed to be his income from interest on securities declared to be income-tax free within the meaning of clause (i) of Section 86 of the Income Tax Act, 1961 (43 of 1961).

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