Where the Central Government is of the opinion that it is necessary or expedient so to do either in the public interest or having regard to the peculiar circumstances of the case, it may, by notification, and subject to conditions, if any, as may be specified in the notification, exempt [any credit institution or any class of credit institutions or any interest on any category of loans advances] [Substituted by Act 49 of 1991, Section 111(w.e.f. 1-10-1991). ] levy of interest-tax:Provided that no such exemption shall be made except on the recommendation of the Reserve Bank of India.
