Section 74 of The Prevention of Money-Laundering Act, 2002 in hindi
Every rule made under this Act 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 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
- Every rule made under the Act must be presented to both Houses of Parliament as soon as possible after it is drafted.
- The rules must be laid before Parliament for a total period of thirty days.
- This thirty-day period can be completed during a single session, or spread across two or more consecutive sessions.
- If both Houses of Parliament agree to modify or reject a rule before the end of the session immediately following, the rule will only have effect in the modified form or will have no effect at all.
- Any change or cancellation of a rule by Parliament does not affect the validity of anything that was already done under that rule before the change.
Practical examples
FAQ
1. How long must a rule be laid before Parliament under Section 74?
A rule must be laid before Parliament for a total period of thirty days.
2. What happens if Parliament modifies or rejects a rule?
If both Houses agree to modify the rule, it will only have effect in that modified form. If both Houses agree that the rule should not be made, it becomes completely ineffective.
Test yourself
Q1.Under Section 74 of The Prevention of Money-Laundering Act, 2002, what is the total time period for which a rule must be laid before each House of Parliament?
Q2.Under Section 74 of The Prevention of Money-Laundering Act, 2002, what happens if both Houses of Parliament agree to modify a rule made under the Act?
Q3.Under Section 74 of The Prevention of Money-Laundering Act, 2002, if Parliament decides to annul (cancel) a rule, what is the status of actions that were already taken under that rule before its annulment?
Q4.Under Section 74 of The Prevention of Money-Laundering Act, 2002, what is the deadline for Parliament to agree on a modification or annulment of a rule laid before it?