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Credit Information Companies (Regulation) Act, 2005


37. Power of Reserve Bank to make regulations.-

1.     The Reserve Bank may make regulations consistent with the provisions of this Act and the rules made there under to carry out the purposes of this Act.

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

a.     the persons or institutions which may be specified as specified users under clause (l) of section 2;

b.    the form in which application may be made under sub-section (1) of section 4 and the manner of filing such application under that sub-section;

c.     any other form of business in which a credit information company may engage under clause (e) of sub-section (1) of section 14;

d.    the form of notice for collection and furnishing of information procedure relating thereto and purposes for which credit information may be provided under sub-sections (1) and (2) of section 17;

e.     the principles and procedures relating to credit information which may be specified under clause (f) of section 20;

f.     the amount which may be required to be paid for obtaining copy of credit information under sub-section (2) of section 21;

g.    the maximum amount of charges payable under section 27.

3.     Every regulation, as soon as may be after it is made by the Reserve Bank, shall be forwarded to the Central Government and that Government shall cause a copy of the same to be laid 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 regulation, or both Houses agree that the regulation should not be made, the regulation 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 regulation.



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