Section 7 of The International Monetary Fund and Bank Act, 1945
1[(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 2[Act]. 3[(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 4[in two or more successive sessions], and if before the expiry of 5[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.]
Summary
- The Central Government has the power to make rules to implement the provisions in the Schedule and to carry out the general purposes of this Act.
- These rules must be published by notification in the Official Gazette (the official government public record).
- Every rule made must be presented to both Houses of Parliament as soon as possible after it is created.
- Each rule must be laid before Parliament while it is in session for a total of thirty days, which can be in a single session or across multiple consecutive sessions.
- Parliament has the power to modify (change) or completely cancel (annul) the rules before the end of the session that immediately follows.
- Any change or cancellation made by Parliament will not affect the validity of anything that was already done under that rule before the change.
Practical examples
FAQ
1. How does the Central Government notify the public about new rules made under Section 7?
The rules are officially announced and published by notification in the Official Gazette.
2. How long must a new rule be laid before Parliament for review?
It must be presented before each House of Parliament for a total period of thirty days.
3. Can the thirty days required for Parliamentary review be split across different sessions?
Yes, the thirty days can be completed in one session or over two or more successive sessions.
4. What happens if both Houses of Parliament agree to modify or cancel a rule?
The rule will thereafter only have effect in the modified form, or it will have no effect at all if cancelled.
5. If Parliament modifies or cancels a rule, does it undo actions that were already taken under that rule?
No, any modification or annulment (cancellation) by Parliament does not affect the validity of anything that was previously done under that rule.
Test yourself
Q1.Who has the authority to make rules under Section 7 of the Act?
Q2.Where must the rules made under Section 7 be published to take effect?
Q3.What is the total duration a rule must be laid before Parliament?
Q4.If Parliament decides to modify or cancel a rule, when must they do so?
Q5.What is the effect of a Parliamentary modification or cancellation on actions already taken under that rule?
Q6.In how many sessions can the thirty-day Parliamentary review period be completed?