Amendment status not verified — confirm the current text below against the official source.
Power to make rules.- (1) The Government may, by notification after previous publication make rules for carrying out the purposes of this Act. 27 (2) Every rule made under this Act, shall be laid as soon as may be after it is made before each House of the State Legislature 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 session in which it is so laid or the session immediately following both Houses agree in making any modification in any such rule or both Houses agrees 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. 1[21A. Power to make scheme.- (1) The Government may by notification published in the official Gazette make such scheme similar to SEBI (Grant of reward of informant under recovery proceedings) Guidelines, 2023 not inconsistent with the provisions of this Act and rules made thereunder to incentivize whistle blowers to disclose any deposit related illegal activities and or provide original information related to the assets of the defaulters to help the Government to recover monies from fraudsters and to repay the depositors their deposits. (2) Every scheme made under this section shall as soon as may be after it is made, be laid before both the houses of the State Legislature.]1