Chapter V — Penalties

Section 60: [Repealed.] Repeals

Reviewed by CA Nikhil Gupta · Last reviewed 18 September 2026

Section 60 is repealed and has no current operative effect.

Historical / non-operativeOfficial sources mappedProvision-specific decode

Current legal status

Section 60 is repealed and has no current operative effect.

The heading may appear in archival texts, but present rights, powers or liabilities must be found in surviving provisions.

Use today: Do not preserve old Section 60 obligations in live SOPs merely for numbering continuity.

Historical reading note

Historical work should state the repeal and identify the successor legal position if relevant.

Illustration. A 2026 checklist should not create an action item solely because an old commentary describes former Section 60.

Compliance points and common mistakes

Do not decide the issue from the heading alone. Map the facts to the operative words of Section 60 and to each relevant subsection, clause, proviso or explanation shown above.
Keep the statutory question separate from the operational overlay. Do not preserve old Section 60 obligations in live SOPs merely for numbering continuity.
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Where the provision is historical, omitted or repealed, state that status prominently and do not present it as a current compliance obligation.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 60 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 60?

[Repealed.] Repeals: Section 60 is repealed and has no current operative effect.

Which statutory limb should be checked first?

Scope - Section 60 is repealed and has no current operative effect.

What is the next legal boundary?

Operative limb - The heading may appear in archival texts, but present rights, powers or liabilities must be found in surviving provisions.

What record should support the conclusion?

Section 60 file evidence: Historical work should state the repeal and identify the successor legal position if relevant.

Primary sources

Source control for Section 60: 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.