Power to modify laws: Central Government may exempt or adapt enactments for entities in an international financial services centre. Central Government may notify that provisions of other Central Acts, rules, regulations, notifications, orders or directions either shall not apply to financial products, services or institutions in an International Financial Services Centre, or shall apply with specified exceptions, modifications and adaptations. Proposed notifications must be laid in draft before both Houses of Parliament for thirty days, and if both Houses disapprove or demand modification before the end of the subsequent session, the notification shall not be issued or shall be issued only in the agreed modified form.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Power to modify laws: Central Government may exempt or adapt enactments for entities in an international financial services centre.
Central Government may notify that provisions of other Central Acts, rules, regulations, notifications, orders or directions either shall not apply to financial products, services or institutions in an International Financial Services Centre, or shall apply with specified exceptions, modifications and adaptations. Proposed notifications must be laid in draft before both Houses of Parliament for thirty days, and if both Houses disapprove or demand modification before the end of the subsequent session, the notification shall not be issued or shall be issued only in the agreed modified form.
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