Chapter V — Penalties

Section 59: [Repealed.] Amendment of Act 3 of 1906

Reviewed by CA Nikhil Gupta · Last reviewed 18 September 2026

Section 59 is repealed and has no current operative effect.

Historical / non-operativeOfficial sources mappedProvision-specific decode

Current legal status

Section 59 is repealed and has no current operative effect.

Any former provision under this number should be handled as statutory history and not included in a 2026 compliance obligation matrix.

Use today: Use the surviving Chapter V provisions for current enforcement questions.

Historical reading note

Historical citations require the version/date of the Act in force at the time.

Illustration. A modern enforcement notice cannot derive authority from repealed Section 59.

Compliance points and common mistakes

Do not decide the issue from the heading alone. Map the facts to the operative words of Section 59 and to each relevant subsection, clause, proviso or explanation shown above.
Keep the statutory question separate from the operational overlay. Use the surviving Chapter V provisions for current enforcement questions.
Do not convert an exception, exemption or discretionary RBI/Government power into an automatic entitlement. Record the authority, conditions and effective date.
Where the provision is historical, omitted or repealed, state that status prominently and do not present it as a current compliance obligation.

Connected provisions and instruments

Section 59 has no universal instrument dependency in this package. Add an RBI circular or direction only when its subject, entity and effective date cover the issue being analysed.

Questions and answers

What is the purpose of Section 59?

[Repealed.] Amendment of Act 3 of 1906: Section 59 is repealed and has no current operative effect.

Which statutory limb should be checked first?

Scope - Section 59 is repealed and has no current operative effect.

What is the next legal boundary?

Operative limb - Any former provision under this number should be handled as statutory history and not included in a 2026 compliance obligation matrix.

What record should support the conclusion?

Section 59 file evidence: Historical citations require the version/date of the Act in force at the time.

Primary sources

Source control for Section 59: use the official consolidated RBI Act for the statutory text and footnotes, then separately reconcile any post-Finance Act 2022 amendment, commencement notification or RBI instrument relevant to the event date.