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CS Professional · IFSCA - Regulations, Listing and Compliances · IFSCA Ecosystem and Regulatory Framework

The Central Government proposes a notification under section 31 of the IFSCA Act, 2019 directing that a provision of another Central Act applies to financial services in an IFSC with certain modifications. Which statement correctly describes the parliamentary procedure?

The proposed notification must be laid in draft before each House for a total of thirty days. If both Houses agree to disapprove it, it is not issued; if both agree on a modification, it is issued only in that modified form. One House alone cannot block it.

  1. AThe notification takes effect on issue and is merely laid before Parliament afterwards for information
  2. BA copy of the draft must be 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 in the modified formCorrect
  3. CThe notification needs a resolution passed by the Lok Sabha alone for approval
  4. DThe draft is laid before Parliament for sixty days and any one House can veto it

Explanation

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

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