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

The Central Government proposes a notification under section 31 of the IFSCA Act, 2019 modifying how a Central Act applies to IFSC financial services. Which statement correctly describes the parliamentary process?

A draft of the notification is laid before each House for a total of thirty days. If both Houses agree to disapprove it or to modify it, it is not issued or is issued only in the agreed modified form.

  1. AThe notification is laid after issue and takes effect unless one House disapproves it
  2. BA draft is laid before each House for a total of thirty days, and it is not issued, or is issued only in modified form, if both Houses agree to disapprove or modify itCorrect
  3. CNo laying is required because the power is purely executive
  4. DA draft is laid for sixty days and one House alone can block it

Explanation

Section 31(2) requires a draft to be laid before each House while in session for a total of thirty days, in one or more successive sessions. If both Houses agree in disapproving it or in modifying it before the expiry of the following session, it is not issued or is issued only as modified. One House alone cannot block it, and the draft is laid before issue.

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