law: Payment and Settlement Systems Act, 2007
  38. Power of Reserve
  
  Bank to make regulations. -
  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 provision,
  
  such regulations may provide for all or any of the following matters, namely:-
  a.  
  
    the
  
  powers and functions of the Committee constituted under sub-section (2), the
  
  time and venue of its meetings and the procedure to be followed by it at its
  
  meetings (including the quorum at such meetings) under sub-section (4) of
  
  section 3;
  b.  
  
    the
  
  form and manner in which an application for authorisation for commencing or
  
  carrying on a payment system shall be made and the fees which shall accompany
  
  such application under sub-section (2) of section 5;
  c.  
  
    the
  
  form in which an authorisation to operate a payment system under this Act shall
  
  be issued under sub-section (2) of section 7;
  d.  
  
    the
  
  format of payment instructions and other matters relating to determination of
  
  standards to be complied with by the payment systems under sub-section (1) of
  
  section 10;
  e.  
  
    the
  
  intervals, at which and the form and manner in which the information or returns
  
  required by the Reserve Bank shall be furnished under section 12;
  f.  
  
    such
  
  other matters as are required to be, or may be, prescribed.
  1.  
  
  
  2.  
  
    Any
  
  regulation made under this section shall have effect from such earlier or later
  
  date (nor earlier than the date of commencement of this Act) as may be
  
  specified in the regulation.
  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.