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CS Executive · Capital Market and Securities Laws · International Financial Services Centres Authority (IFSCA)

Only the Lok Sabha disapproves a draft notification proposed under Section 31, while the Rajya Sabha does not agree with that disapproval. Based on Section 31(2), what follows?

The notification may still be issued. Section 31(2) prevents issue only when both Houses agree in disapproving it, or agree on a modification. Disapproval by the Lok Sabha alone, without the Rajya Sabha agreeing, does not stop the Central Government from issuing it.

  1. AThe notification must not be issued
  2. BThe notification may still be issued, as the bar applies only if both Houses agree in disapprovingCorrect
  3. CThe notification is automatically modified
  4. DThe matter is referred to the IFSCA for decision

Explanation

Section 31(2) bars issue only where both Houses agree in disapproving the notification. Disapproval by one House alone does not stop it, so the notification may be issued. The section provides no automatic modification or reference to the IFSCA.

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