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Credit Information Companies (Regulation) Act, 2005


36. Power to make rules.-

1.     The Central Government may, after consultation with the Reserve Bank, by notification in the Official Gazette, make rules to carry out the provisions of this Act.

2.     In particular, and without prejudice to the generality of the foregoing powers, such rules may provide for all or any of the following matters, namely:-

a.     the authority or tribunal which may be designated under sub-section (1) of section 7;

b.    the steps to be taken by every credit information company or credit institution and specified user for ensuring accuracy, completeness of data and protection of data from any loss or unauthorised access or use or disclosure under section 19;

c.     the form in which a declaration of fidelity and secrecy shall be made under sub-section (2) of section 29;

d.    any other matter which is required to be, or may be, prescribed.

3.     Every rule made by the Central Government under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.



Credit Information Companies (Regulation) Act, 2005 Back




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