Section 3 of the Union Duties of Excise (Distribution) Act, 1953 (3 of 1953), and paragraphs 3, 4 and 5 of the Constitution (Distribution of Revenues) Order, 1953 shall, in respect of the financial year 1956-57 have effect subject to such modifications as the President may, by notified order, specify, having regard to the transfer of territories effected by section 3 of this Act.