1[31A. Power to exempt a class or classes of banks or financial institutions.--(1)The Central Government may, by notification in the public interest, direct that any of the provisions of this Act,--
(a) shall not apply to such class or classes of banks or financial institutions; or
(b) shall apply to the class or classes of banks or financial institutions with such exceptions, modifications and adaptations, as may be specified in the notification.
2[(2) A copy of every notification proposed to be issued under sub-section (1), shall be laid in draft before each House of Parliament, while it is in session, for a total period of thirty days, and if, both Houses agree in disapproving the issue of notification or both Houses agree in making any modification in the notification, the notification shall not be issued or, as the case may be, shall be issued only in such modified form as may be agreed upon by both the Houses.
(3) In reckoning any such period of thirty days as is referred to in sub-section (2), no account shall be taken of any period during which the House referred to in sub-section (2) is prorogued or adjourned for more than four consecutive days.
(4) The copies of every notification issued under this section shall, as soon as may be after it has been issued, be laid before each House of Parliament.]]
(a) shall not apply to such class or classes of banks or financial institutions; or
(b) shall apply to the class or classes of banks or financial institutions with such exceptions, modifications and adaptations, as may be specified in the notification.
2[(2) A copy of every notification proposed to be issued under sub-section (1), shall be laid in draft before each House of Parliament, while it is in session, for a total period of thirty days, and if, both Houses agree in disapproving the issue of notification or both Houses agree in making any modification in the notification, the notification shall not be issued or, as the case may be, shall be issued only in such modified form as may be agreed upon by both the Houses.
(3) In reckoning any such period of thirty days as is referred to in sub-section (2), no account shall be taken of any period during which the House referred to in sub-section (2) is prorogued or adjourned for more than four consecutive days.
(4) The copies of every notification issued under this section shall, as soon as may be after it has been issued, be laid before each House of Parliament.]]
Source footnotes
1. Ins. by Act 1 of 2013, s. 11 (w.e.f. 15-1-2013).2. Subs. by Act 44 of 2016, s. 23, for sub-section (2) (w.e.f. 1-9-2016).
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More sections of this act
Section 1 · Short title, extent and commencement.Section 2 · Definitions.Section 3 · Registration of asset reconstruction companies.Section 4 · Cancellation of certificate of registration.Section 5 · Acquisition of rights or interest in financial assets.Section 5A · Transfer of pending applications to any one of Debts Recovery Tribunals in certain cases.Section 6 · Notice to obligor and discharge of obligation of such obligor.Section 7 · Issue of security by raising of receipts or funds by asset reconstruction company.India Code, Government of India. Text fetched 09 Oct 2026. Source metadata reports last modification: 2019-12-02. Check the linked official text and subsequent notifications when applying a provision.