Nothing in this Act shall apply to the preparation of accounts by a banking company and the audit and submission thereof in respect of any accounting year which has expired prior to the commencement of this Act, and notwithstanding the other provisions of this Act, such accounts shall be prepared, audited and submitted in accordance with the law in force immediately before the commencement of this Act.
PART II BUSINESS OF BANKING COMPANIES
Section 34: Accounting provisions of this Act not retrospective
The Banking Regulation Act, 1949