Banking Regulation Act, 1949 — back to Table of Contents
Section 52. Power of Central Government to make rules
(1) The Central Government may, after consulting the Reserve Bank, make rules for anything necessary or expedient to give effect to this Act, and such rules must be published in the Official Gazette.
(2) Without limiting the generality of that power, such rules may in particular prescribe the details to be included in the various returns required under the Act, the manner of their submission, the form in which an official liquidator may file lists of debtors with the court, and other matters that need to be, or may be, prescribed.
(4) The Central Government may also use rules made under this section to annul, alter or add to any provision of the Fourth Schedule (which sets out the form for the list of debtors in a winding up).
(5) Every rule made under this section must be laid before each House of Parliament for a total of thirty days (which may span one or more sessions). If both Houses agree to modify or annul a rule within the following session(s), the rule takes effect in the modified form, or ceases to have effect, as the case may be — without affecting anything already validly done under the rule before that point.
Note: This is the Act’s principal rule-making (delegated legislation) provision, subject to the standard “laying before Parliament” safeguard.
