The Credit Information Companies Regulation Act

The Credit Information Companies Regulation Act

The Credit Information Companies Regulation Act

The Reserve Bank of India today released for feedback the draft Rules and Regulations under the Credit Information Companies (Regulation) Act, 2005. It has requested for comments/views to be sent to the Chief General Manager-in-charge, Department of Banking Operations and Development

It may be recalled that the Credit Information Companies (Regulation) Act, 2005 was passed in May 2005 and notified in the Gazette of India on June 23, 2005

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An Act of Parliament creates a new law or changes an existing law. An Act is a Bill that has been approved by both the House of Commons and the House of Lords and been given Royal Assent by the Monarch.The Government are responsible for bringing new laws into force, once they has been passed by Parliament.

An Act may come into force immediately, on a specific future date, or in stages. You can find out when an Act is due to come into force by looking at a section of the Act itself, headed ‘Commencement’ – this is among the very last sections of an Act.

Sometimes a specific date is not given and the timing is left to the discretion of the Secretary of State for the relevant government department.

First reading - introduction stage: Any member, or member-in-charge of the bill seeks the leave of the house to introduce a bill. If the bill is an important one, the minister may make a brief speech, stating its main features.Second reading - discussion stage: This stage consists of consideration of the bill and its provisions.Third reading - voting stage: This stage is confined only to arguments either in support of the bill or for its rejection as a whole, without referring to its details. After the bill is passed, it is sent to the other house.Bill in the other house (Rajya Sabha): After a bill, other than a money bill, is transmitted to the other house, it goes through all the stages in that house as that in the first house. But if the bill passed by one house is amended by the other house, it goes back to the originating house.

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