Skip to content

CS Professional · IFSCA - Regulations, Listing and Compliances · International Financial Services Centres: An Introduction

A draft notification under Section 31 proposes that a provision of a Central Act apply to IFSC financial services with certain adaptations. Both Houses of Parliament agree to a modification of the draft within the permitted period. What is the consequence?

The notification is issued only in the modified form agreed upon by both Houses. Section 31(2) provides that where both Houses agree to modify the draft, it can be issued only in that form. Only agreement by both Houses to disapprove would stop issue entirely.

  1. AThe notification is issued only in the modified form agreed by both HousesCorrect
  2. BThe notification is issued in its original form regardless
  3. CThe notification lapses and cannot be issued at all
  4. DThe IFSCA decides which version to adopt

Explanation

Under Section 31(2), if both Houses agree in making a modification, the notification is issued only in the modified form agreed. If both Houses agreed in disapproving it, it would not be issued. The original form is not issued where both Houses agree on a modification.

Did you get it right without looking?

One question tells you little. A timed set on International Financial Services Centres: An Introduction shows your real accuracy, how long you take and where you lose marks.

Practise International Financial Services Centres: An IntroductionFree diagnostic mock

More International Financial Services Centres: An Introduction questions