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7. Power to make rules. -

2[(1)] The Central Government may, by notification in the Official Gazette, make rules for giving effect to the provisions set out in the Schedule, and generally for carrying out the purposes of this 3[Act].

4[(2) Every rule made under this section 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 5[in two or more successive sessions], and if before the expiry of 6[the session immediatelyfollowing 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 orannulment shall be without prejudice to the validity of anything previously done under that rule.]

1. Subs. by Act 3 of 1951, s. 3 and the Sch., for "Part A States and Part C States".

2. Renumbered as sub-section (1) by Act 25 of 1959, s. 5.

3. Subs. by s. 2, ibid., for "Ordinance".

4. Ins. by s. 5, ibid.

5. Subs. by Act 67 of 1982, s. 4, for "in two successive sessions" (w.e.f. 15-1-1983).

6. Subs. by s. 4, ibid., for certain words (w.e.f. 15-1-1983).

International Monetary Fund and Bank Act, 1945 Back

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