Securitisation And Reconstruction of Financial Assets And Enforcement of Security Interest Act, 2002

Section - 31A - Power to exempt a class or classes of banks or financial institutions

[Power to exempt a class or classes of banks or financial institutions.

31A. (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) 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 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, sha .... To read the full section download the app from Google Play store