Section Section 47
(W.e.f. 1-1-1949)_ 10. Subs. by Act 24 of 1955,s. 8, for "and such other conting
section 47 (W.e.f. 1-1-1949)_ 10. Subs. by Act 24 of 1955,s. 8, for "and such other contingencies as" (W.e.f: 8-5-1955).
58
48. Exemption of Banks from income-tax and super-tax: _ 1) Notwithstanding anything contained in I[the Income-tax Act, 1961 (43 of 1961)] 0 any other enactment for the time being in force relating to income-tax Or super-tax, the bank shall not be liable to pay income-tax Or super-tax on any of its income, profits or gains. 2*
49. Publication of Bank rate:--The Bank shall make public from time to time the standard rate at which it is prepared to buy or re-discount bills of exchange Or other commercial paper eligible for purchase under this Act. 4[50. Auditors: (1) Not less than two auditors shall be appointed, and their remuneration fixed, by the Central Government. (27 The auditors shall hold office for such term not exceeding one year as the Central Government may fix while appointing them; and shall be eligible for re-appointment: ] 51. Appointment of special auditors by Government. Without prejudice to anything contained in
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