(1)The Reserve Bank may, by notification, make regulations consistent with this Act to carry out the provisions of this Act.(2)In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely:—(a)the manner of granting certificate of registration under sub-section (4) of section 3;(b)the manner of filing of particulars of transactions with the Central Registry on behalf of factors under sub-section (1A) of section 19;(c)any other matter which is required to be, or may be, specified by regulations.(3)Every regulation shall, as soon as may be after it is made by the Reserve Bank, be forwarded to the Central Government and that Central Government shall cause a copy of the same to be laid 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 regulation, or both Houses agree that the regulation should not be made, the regulation 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 regulation.
