Section 53:
Power to exempt in certain cases.
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.]
Notes:
1. Section 53 renumbered as sub-section (1) thereof by Act 28 of 2005, s. 57 and the Third Schedule.
2. Subs by s. 57 and Third Schedule, ibid., for 'banking company or institution or to any class of banking companies".
3. The 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).
4. Ins. by Act 28 of 2005, s. 57 and the Third Schedule.
5. Subs. 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).