(1) The State Bank shall maintain a special fund to be known as the Integration and Development Fund into which shall be paid—

3[Provided that if the balance in the Integration and Development Fund on the date of declaration of any dividends by the State Bank is rupees five crores or more, no amount shall be paid into that Fund under clause (a) and the dividends payable to the 1[Central Government] shall be 4[paid to that Government], and if such balance on such date is less than rupees five crores, only so much of dividends then payable as will bring such balance to rupees five crores shall be paid into that Fund and the balance of such dividends shall be paid to the 1[Central Government].]

(2) The amount in the said Fund shall be applied exclusively for meeting—

(3) Subject to the provisions of sub-section (2), the said Fund shall be the property, of the 1[Central Government] and no shareholder of the State Bank or any other person shall have any claim to the amount held in the said Fund.

7[(4) No amount applied for any of the purposes specified in sub-section (2) shall, for the purposes of the 8[Income-tax Act, 1961 (43 of 1961)], be treated as income, profits or gains of the State Bank.]

1. Subs. by Act 32 of 2007, s. 9, for “Reserve Bank” (w.e.f. 29-6-2007). 2. The words “the Reserve Bank or” omitted by s. 9, ibid. (w.e.f. 29-6-2007). 3. The proviso added by Act 35 of 1964, s. 12 (w.e.f. 1-12-1964). 4. Subs. by Act 32 of 2007, s. 9, for “paid to that Bank” (w.e.f. 29-6-2007). 5. The word “and” omitted by Act 38 of 1959, s. 64 and the Third Schedule (w.e.f. 10-9-1959). 6. Clause (aa) omitted by Act 19 of 2018, s. 8 (w.e.f. 1-4-2017). 7. Ins. by Act 26 of 1959, s. 7 (w.e.f. 28-8-1959). 8. Subs. by Act 3 of 1994, s. 18, for “Indian Income-tax Act, 1922 (11 of 1922)” (w.e.f. 15-10-1993).