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

The Central Government proposes a notification directing that a provision of another Central Act shall apply to financial services in an IFSC only with certain modifications. Which statement correctly reflects the Act's procedure?

The draft is laid before each House of Parliament for a total of thirty days. If both Houses agree in disapproving it, or in modifying it, before the end of the following session, it is not issued or is issued only in the modified form. This is under section 31(2).

  1. AOnce it is notified, no parliamentary role remains
  2. BThe notification takes effect immediately and is later laid before one House only
  3. CThe draft is laid before each House for a total of thirty days, and if both Houses agree in disapproving or modifying it, it is not issued or is issued only as modifiedCorrect
  4. DThe draft needs approval from the IFSCA board alone

Explanation

Section 31(2) requires the proposed notification to be laid in draft before each House for thirty days. If both Houses agree to disapprove or modify it by the end of the following session, it is not issued or is issued as modified. Other options misstate this.

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