RULE 221A.
- Document type
- Rule
- Dated
- Category
- CENTRAL EXCISE RULES, 1944
Exemption from execution of bonds by Central Government undertakings and furnishing of security or surety by State Government undertakings
RULE 221A. Exemption from execution of bonds by Central Government undertakings and furnishing of security or surety by State Government undertakings.
-Notwithstanding anything contained elsewhere in these rules, every undertaking owned and managed directly through any Ministry, Department or Directorate by -
(a) the Central Government, is exempt from the execution of any bond;
(b) a State Government, is exempt from furnishing any security or surety or bond,
where the execution of such bond, or, as the case may be, furnishing of such security or surety , is required by or under any other provision of these rules.
Explanation. -For the avoidance of doubts, it is hereby declared that for the purposes of this rule, an undertaking owned or controlled by the Central Government or State Government does not include -
(i) any undertaking belonging to a corporation owned or controlled by Central Government or a State Government and established by or under a Central, Provincial or State Act; or
(ii) any undertaking belonging to a Government company within the meaning of section 617 of the Companies Act, 1956 (1 of 1956).