What are the ordinance issuing powers of the President?

Article 123 of the Constitution empowers the President t promulgate such ordinances as the circumstances appear to him require when-

(1) Both houses of Parliament are not in session; and

(2) he is satisfied that circumstances exist which render it necessary for him to take immediate action.

It is considered as the most important legislative power of the president. The president may, if he likes, withdraw such an ordinance at any time.