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of <h1>Constitution (7th Amendment) Act, 1956: Article 298 updated to expand Union and State powers in trade and contracts.</h1> Article 298 of the Constitution has been replaced to extend the executive power of the Union and each State to engage in trade, business, and property transactions, as well as contract-making for any purpose. This power is subject to legislative authority, where the Union's power is limited by State legislation if Parliament cannot legislate on the matter, and similarly, a State's power is limited by Parliamentary legislation if the State Legislature cannot legislate on the matter. This amendment was enacted under the Constitution (7th Amendment) Act, 1956.
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