Chapter VIII
MISCELLANEOUS
27. Power of Reserve Bank to specify maximum amount of fees.
27. Power of Reserve Bank to specify maximum amount of fees.—The Reserve Bank may, specify, by regulations the maximum amount of fees leviable under sub-section (3) of Section 14 for providing information to the specified users and for admissions of credit institutions or credit information companies as a member of a credit information company.
| Other Contents of Credit Information Companies (Regulation) Act, 2005 |
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| Sections 1 to 8 Sections 9 to 18 Sections 19 to 26 Sections 27 to 37 Schedule |
28. Disclosure of information before any court or tribunal or authority.
28. Disclosure of information before any court or tribunal or authority.—No chairperson, director, member, auditor, adviser, officer or other employee or agent employed in the business of a credit information company or in the business of a specified user shall, except for the purposes of this Act or when required to do so by any other law in force or court or tribunal or authority, disclose any information to any person.
29. Obligations as to fidelity and secrecy.
29. Obligations as to fidelity and secrecy.—(1) Every credit information company shall observe, except as otherwise required by law, the practices and usages customary among credit information companies and it shall not divulge any information relating to, or to the affairs of, its members or specified users.
(2) Every chairperson, director, member, auditor, adviser, officer or other employee of a credit information company shall, before entering upon his duties, make a declaration of fidelity and secrecy in the form, as may be prescribed in this regard.
Explanation.—For the purposes of this section and Section 30, the terms “practices and usages customary” means such practices and usages which, are generally followed by credit information companies or may develop in due course in relation to their functions, in pursuance of the provisions of this Act, rules and regulations made and directions issued thereunder from time to time in pursuance thereof.
30. Protection of action taken in good faith.
30. Protection of action taken in good faith.—(1) No suit or other legal proceedings or prosecution shall lie against the Reserve Bank or the Central Government or credit information company or credit institution, or their chairperson, director, member, auditor, adviser, officer or other employee, or agent or any person authorised by the Reserve Bank or the Central Government or credit information company or credit institution to discharge any function under this Act, for any loss or damage caused or as is likely to be caused by anything which is in good faith done or intended to be done, in pursuance of this Act or any other law for the time being in force.
(2) Nothing contained in sub-section (1) shall affect the right of any person to claim damages against a credit information company, a credit institution or their chairperson, director, member, auditor, adviser, officer or other employee or agents, as the case may be, in respect of loss caused to him on account of any such disclosure made by anyone of them and which is unauthorised or fraudulent or contrary to provisions of this Act, or practices or usages customary among them.
31. Bar of jurisdiction.
31. Bar of jurisdiction.—No court or authority shall have, or be entitled to exercise, any jurisdiction, powers or authority, except the Supreme Court and a High Court exercising jurisdiction under Articles 32, 226 and 227 of the Constitution, in relation to the matters referred to in Sections 4, 5, 6, 7 and 18.
32. Power of Reserve Bank to exempt in certain cases.
32. Power of Reserve Bank to exempt in certain cases.—(1) The Central Government may, on the recommendation of the Reserve Bank, by notification in the Official Gazette, direct that any or all of the provisions of this Act shall not apply to any credit information company or a credit institution, as the case may be, either generally or for such period and subject to such exceptions or modifications, as may be mentioned in that notification.
(2) A copy of every notification proposed to be issued under sub-section (1), 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.
33. Application of other laws not barred.
33. Application of other laws not barred.—The provisions of this Act shall be in addition to, and not, save as provided under this Act, in derogation of, the provisions of the Companies Act, 1956 (1 of 1956) or any other law for the time being in force.
33-A. Powers of Reserve Bank not to apply to International Financial Services Centre.
[i][33-A. Powers of Reserve Bank not to apply to International Financial Services Centre.—Notwithstanding anything contained in any other law for the time being in force, the powers exercisable by the Reserve Bank under this Act,—
(a) shall not extend to an International Financial Services Centre set up under sub-section (1) of section 18 of the Special Economic Zones Act, 2005 (28 of 2005);
(b) shall be exercisable by the International Financial Services Centres Authority established under sub-section (1) of section 4 of the International Financial Services Centres Authority Act, 2019,
in so far as regulation of financial products, financial services and financial institutions that are permitted in the International Financial Services Centres are concerned.]
34. Amendment of certain enactments.
34. Amendment of certain enactments.—The enactments mentioned in the Schedule to this Act shall be amended in the manner specified therein.
35. Removal of difficulties.
35. Removal of difficulties.—(1) If any difficulty arises in giving effect to the provisions of this Act, the Central Government may, by order published in the Official Gazette, make such provisions not inconsistent with the provisions of this Act as appear to it to be necessary or expedient for removing the difficulty :
Provided that no order shall be made under this section after the expiry of a period of two years from the commencement of this Act.
(2) Every order made under this section shall be laid, as soon as may be after it is made, before each House of Parliament.
36. Power to make rules.
36. Power to make rules.—(1) The Central Government may, after consultation with the Reserve Bank, by notification in the Official Gazette, make rules to carry out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing powers, such rules may provide for all or any of the following matters, namely:—
(a) the authority or tribunal which may be designated under sub-section (1) of Section 7;
(b) the steps to be taken by every credit information company or credit institution and specified user for ensuring accuracy, completeness of data and protection of data from any loss or unauthorised access or use or disclosure under Section 19;
(c) the form in which a declaration of fidelity and secrecy shall be made under sub-section (2) of Section 29;
(d) any other matter which is required to be, or may be, prescribed.
(3) Every rule made by the Central Government under this Act shall be laid, as soon as may be after it is made, 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 rule or both Houses agree 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.
37. Power of Reserve Bank to make regulations.
37. Power of Reserve Bank to make regulations.—(1) The Reserve Bank may make regulations consistent with the provisions of this Act and the rules made thereunder to carry out the purposes of this Act.
(2) In particular, and without prejudice to the generality of the foregoing powers, such regulations may provide for all or any of the following matters, namely:—
(a) the persons or institutions which may be specified as specified users under clause (1) of Section 2;
(b) the form in which application may be made under sub-section (1) of Section 4 and the manner of filing such application under that sub-section;
(c) any other form of business in which a credit information company may engage under clause (e) of sub-section (1) of Section 14;
(d) the form of notice for collection and furnishing of information procedure relating thereto and purposes for which credit information may be provided under sub-sections (1) and (2) of Section 17;
(e) the principles and procedures relating to credit information which may be specified under clause (f) of Section 20;
(f) the amount which may be required to be paid for obtaining copy of credit information under sub-section (2) of Section 21;
(g) the maximum amount of charges payable under Section 27.
(3) Every regulation, as soon as may be after it is made by the Reserve Bank, shall be forwarded to the Central Government and that 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.
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