Section 7(1) in The Punjab Relief of Indebtedness Act, 1934
(1)"Debt" includes all liabilities of a debtor in cash or in kind, secured or unsecured, payable under a decree or order of a civil court or otherwise, whether mature or not, but shall not include debts incurred for the purposes of trade, arrears of wages, land revenue or anything recoverable as an arrear of land revenue, or any debt which is barred by the law of limitation, or debts due to co-operative banks or to co-operative societies or to the Imperial Bank of India or to any banking company registered under the Indian Companies Act, 1913, [prior to the first day of April, 1937, or any bank included in the Second Schedule to the Reserve Bank of India Act, 1934 other than debts transferred to such societies, banks or banking companies during the pendency of an application under section 9 in which such debts could be taken into consideration for the purposes of this Act, or debts transferred to such societies, banks or banking companies on or after the 2nd day of September, 1938, if in the opinion of the board such transfer was effected with a view to avoid the operation of this Act.] [Substituted for the words 'or the law relating to companies for the time being in force in British India' by Punjab Act 12 of 1940, section 4(a).]
