1[(1)] The Central Government may, on the recommendation of the Reserve Bank, declare, by notification in the Official Gazette, that any or all of the provisions of this Act shall not apply to any 2[banking company or institution or to any class of banking companies 3***] either generally or for such period as may be specified.
4[(2) 5[A copy of every notification proposed to be issued under sub-section (1) relating to any banking company or institution or any class of banking companies or any branch of a banking company or an institution, as the case may be, functioning or located in any Special Economic Zone established under the Special Economic Zones Act, 2005 (28 of 2005) 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.]
1Section 53 renumbered as sub-section (1) thereof by Act 28 of 2005, s. 57 and the Third Schedule.
2Subs by s. 57 and Third Schedule, ibid., for 'banking company or institution or to any class of banking companies".
3The words "or any of their branches functioning or located in any Special Economic Zone established under the Special Economic Zones Act, 2005 (28 of 2005)" omitted by Act 17 of 2007, s. 3 (w.e.f. 23-1-2007).
4Ins. by Act 28 of 2005, s. 57 and the Third Schedule.
5Subs. by Act 17 of 2007, s. 3, for "A copy of every notification proposed to be issued under sub-section (1), shall be laid in draft before each house of Parliament" (w.e.f. 23-1-2007).