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

The Central Government proposes a Section 31 notification concerning a Central Act. Which of the following can it NOT achieve through that notification?

It cannot alter the provisions relating to the making of rules or regulations. Section 31(1) allows disapplication or modification of provisions of Central Acts and of rules, regulations, notifications, orders or directions under them, but expressly excludes the rule-making and regulation-making provisions.

  1. AChanging the provisions of that Act relating to the making of rules or regulationsCorrect
  2. BDisapplying a specified provision of a rule made under that Act to IFSC financial institutions
  3. CApplying a specified provision to IFSC financial products with modifications
  4. DDisapplying a specified order issued under that Act to IFSC financial services

Explanation

Section 31(1) covers provisions of Central Acts, rules, regulations, notifications, orders or directions, but expressly excludes provisions relating to making of the rules or regulations. The other three are within the power.

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