(b) in section 15, in sub-section (1), to clause (c) the proviso shall be added, namely: - z "provided that nothing contained in this clause shal] apply 1 deposits accepted under the scheme formulated by the bank pursuance of clause (hh) of section 14;"; {@) in section 55, in sub-section (5), for the word "regulation", wherever it occurs, the words "regulation or scheme" shall be substituted statement of objects and reasonswith a view to canalising for certain social objectives black money which has become a serious threat to the national economy the government has decided to allow voluntary deposits being made with the national housing bank in accordance with a scheme to be formulated by that bank 40 per cent of the amount of such deposits will be credited by the national housing bank to a special fund, created under the national housing bank act, 1987, for financing slum clearance and low cost housing for the poor and 60 per cent of the amount of such deposits can be utilised by the depositors for purposes specified by them it is considered necessary to provide for certain immunities and exemptions to render it possible for persons in possession of black money to make such deposits 2 the bill seeks to achieve the above objects new detui; manmohan singh the 3rd september, 1991  president's recommendation under articles 117 and 274 of the constitution of india[copy of letter dated 4th september, 1991 from dr manmohan singh, minister of finance, to the secretary-general, lok sabha] 'the president, having been informed of the proposed bill for institution of « scheme for mobilising the black money for achieving social objectives of slum clearance and low cost housing for the poor and for providing certain immunities and exemptions to enable persons to make deposits in the said scheme and for matters connected therewith or incidental thereto, recommends under clause (1) of article 117 and clause (1) of article 274 of the constitution, introduction of the above bill in lok sabha ! s memorandum regarding delegated legislationclause 5 of the bill seeks to insert a new clause (hh) in section 14 of the national housing bank act, 1987 the said new clause (hh) empowers the national housing bank to formulate a scheme for the purposes of accepting deposits referred to in clause 2(a) of this bill and crediting 40 per cent of the amount of such deposits to a special fund created under that act the scheme will also contain other details relating to application forms for making deposits and withdrawal, ete 2 the matters in respect of which the scheme is to be formulated by the national housing bank are matters of administrative detail and procedure and it is not practicable to provide for them in the bill itself the delegation of legislative power is, therefore, of a normal character annexure extracts from the nationa, housive bank acr, 1987(53 of 1987)       chapter iv busmvess or tar nationa, houstnc bank14 subject to the provisions of this act, the national housing bank may transact all or any of the following kinds of business, namely:— (b) making of loans and advances or rendering any other form of financial assistance whatsoever to housing finance institutions and scheduled banks;    15 (1) the national housing bank may, for the purpose of carrying out its functions under this act— (c) accept deposits repayable after the expiry of a period which shall not be less than twelve months from the date of the making of the deposit on such terms as may generally or specially be approved by the reserve bank;    ca 35 (1)     (5) the central government shall cause every regulation made under this act to 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 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 business of the national housing bank, borrowings and acceptance of deposits by national housing bank power of the board to make reguletions,