Section 15 in The Repatriation of Prisoners Act, 2003

Title: Laying of rules, etc

Description: Every notification issued under sub-sections (1) and (3) of section 3 and every rule made under section 14 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 notification or rule or both Houses agree that the notification or rule should not be made, the notification or 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 notification or rule.

Title: Power to remove difficulties

Description: (1) If any difficulty arises in giving effect to the provisions of this Act, the Central Government may, by order published in the Official Gazette, make such provisions not inconsistent with the provisions of this Act, as appear to it to be necessary for removing the difficulty: Provided that no such order shall be made after the expiry of a period of two years from the date of commencement of this Act. (2) Every order made under sub-section (1) shall be laid, as soon as may be after it is made, before each House of Parliament.

Title: Short title and commencement

Description: (1) This Act may be called the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003. (2) It shall come into force on such date1 as the Central Government may, by notification, appoint. 1. 2nd July, 2004, vide notification No. S.O. 769(E) dated 2nd July, 2004, see Gazette of India, Extraordinary, Part II, sec. 3(ii).

Title: Definitions

Description: In this Act, unless the context otherwise requires,-- (a) "appointed day" means such date as the Central Government may, by notification, appoint under section 3; (b) "Company" means the Industrial Development Bank of India Limited to be formed and registered under the Companies Act, 1956 (1 of 1956); (c) "Development Bank" means the Industrial Development Bank of India established under sub-section (1) of section 3 of the Industrial Development Bank of India Act, 1964 (18 of 1964); (d) "notification" means a notification published in the Official Gazette; (e) "Reserve Bank" means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 (2 of 1934).

Title: Undertaking of Development Bank to vest in Company

Description: (1) On such date as the Central Government may, by notification, appoint, there shall be transferred to, and vest in, the Company, the undertaking of Development Bank. (2) Notwithstanding anything contained in the Banking Regulation Act, 1949 (10 of 1949), the Company referred to in sub-section (1) shall be deemed to be a banking company within the meaning of clause (c) of section 5 of the Banking Regulation Act, 1949 and as such shall carryon banking business in accordance with the provisions of that Act, in addition to the business which may be carried on and transacted by the Development Bank: Provided that such Company shall not be required to— (a) obtain licence under section 22 of the Banking Regulation Act, 1949 (10 of 1949); (b) maintain for a period of five years from the appointed day the percentage of assets required to be maintained under section 24 of the said Act. (3) The provisions of the Banking Regulation Act, 1949 (10 of 1949) shall, as far as may be, to the extent they are not repugnant to any provision of this Act, apply to such Company. (4) Notwithstanding anything contained in the Banking Regulation Act,1949 (10 of 1949), the Central Government may, in consultation with the Reserve Bank of India, by notification, direct that any of the provisions of that Act specified in the notification— (a) shall not apply to the Company; or (b) shall apply to the Company, only with such exceptions, modifications and the adaptations as may be specified in the notification. (5) A copy of every notification proposed to be issued under sub-section (4), shall be laid in draft 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 disapproving the issue of the 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.

The Repatriation of Prisoners Act, 2003