Section 49 in The Warehousing (Development and Regulation) Act, 2007

Title: Exemption from tax on wealth and income

Description: Notwithstanding anything contained in the Wealth-tax Act, 1957 (27 of 1957), the Income-tax Act, 1961 (43 of 1961) or any other enactment for the time being in force relating to tax on wealth, income, profits or gains, the Authority shall not be liable to pay wealth-tax, income-tax or any other tax in respect of their wealth, income, profits or gains derived.

Title: Power of Central Government to make rules

Description: (1) The Central Government may, by notification, make rules for carrying out the provisions of this Act. (2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:-- (a) the form and manner in which an application for obtaining a certificate of registration for commencing or carrying on the business of warehousing issuing negotiable warehouse receipts may be made and the fees which shall accompany such application under sub-section (2) of section 4; (b) the form in which a certificate for registration of warehouses may be issued under sub-section (3) of section 4; (c) the financial, managerial and other eligibility criteria and competence which an applicant for registration of warehouses shall satisfy under sub-section (4) of section 4; (d) the qualification and other requirements which a person applying for functioning as an accreditation agency shall fulfill under sub-section (2) of section 5; (e) the form and manner in which an application for registration as an accreditation agency may be made and the fees which shall accompany such application under sub-section (3) of section 5; (f) the form of certificate of registration of accreditation agency under sub-section (4) of section 5; (g) the salary and allowances payable to, and the other terms and conditions of service of the Chairperson and other members under section 28; (h) such other powers that may be exercised by the Authority under clause (p) of sub-section (2) of section 35; (i) the form and manner of maintenance of annual statement of accounts to be maintained by the Authority under sub-section (1) of section 38; (j) the form and manner in which and the time within which returns and statements and particulars are to be furnished by the Authority to the Central Government under sub-section (1) of section 39; (k) the form and the manner in which an appeal may be made to the Appellate Authority and the fee which shall accompany such appeal under sub-section (2) of section 42; (l) the procedure to be followed by the Appellate Authority in disposing of an appeal under sub-section (3) of section 42; (m) any other matter which is required to be, or may be, prescribed, or in respect of which provision is to be or may be made by rules.

Title: Power of Authority to make regulations

Description: (1) The Authority may, with the previous approval of the Central Government, and in consultation with the Warehousing Advisory Committee, by notification, make regulations consistent with this Act and the rules made thereunder to carry out the provisions of this Act. (2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely:-- (a) the matters regulating the authorities of accreditation agencies under sub-section (2) of section 3; (b) the form and manner and the period for which a warehouseman shall keep the records and accounts of the warehousing business under sub-section (2) of section 8; (c) the manner of disposal of goods or any part thereof and the keeping of sale proceeds in an escrow account by the warehouseman under sub-section (7) of section 9; (d) the mode of sale under sub-section (10) of section 10; (e) the manner of issuance of duplicate warehouse receipt under the proviso to sub-section (2) of section 23; (f) the time and places of meetings of the Authority and the procedure to be followed at such meetings including the quorum necessary for the transaction of business under sub-section (1) of section 31; (g) the terms and conditions of service of officers and other employees of the Authority under sub-section (2) of section 33; (h) the registration and functioning of accreditation agencies, renewal, modification, withdrawal, suspension or cancellation of such registration and the code of conduct for officials of accreditation agencies for accreditation of the warehouses under clause (b) of sub-section (2) of section 35; (i) the standards for approval of certifying agencies for grading of goods under clause (f) of sub-section (2) of section 35; (j) the rate of fees and other charges to be levied for carrying out the provisions of this Act under clause (h) of sub-section (2) of section 35; (k) any other matter which is required to be, or may be, specified by regulations or in respect of which provision is to be or may be made by regulations.

Title: Rules and regulations to be laid before Parliament

Description: Every rule made by the Central Government and every regulation made by the Authority under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or regulation or both Houses agree that the rule or regulation should not be made, the rule or regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule or regulation.

Title: Act to have overriding effect

Description: The provisions of this Act shall have effect notwithstanding anything inconsistent therewith contained in any other law for time being in force or in any instrument having effect by virtue of any law other than this Act.