Section 5(7) in Banking Companies (Acquisition And Transfer of Undertaking) Act, 1969
(7)Nothing in this Act shall be constructed as applying to the assets, rights powers, authorities and privileges and property, movable and immovable, cash balances and investments in any country outside India ( and other rights and interests arising out of such properties) of any existing bank operating in that country if, under the laws in force in that country, it is not permissible for a banking company owned or controlled by Government, to carry on the business of banking there.
