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Explanation:
The Union List is a list of 100 items (the last item is numbered 97) given in Seventh Schedule in the Constitution of India on which Parliament has exclusive power to legislate. It is a list of subject of national importance . It includes national defence , banking , communications , currency and foriegn affairs . These subjects are included in the list because there is need for the formation of the union national policy on these issues . The union government has exclusive jurisdiction over subjects include in the union list .
The State List is a list of 61 items. Initially there were 66 items in the list . It is the list of subjects of state and local importance . These include police , trade and commerce , agrciculture and irrigation . The law relating to this subject can be made only by state government .
The Concurrent List (Seventh Schedule) is a list of 52 items (though the last item is numbered 47). the concurrent list contains subject of common interest to both the union and the states. This include education , forest , marriage , adoption , trade unions and successions. The law relating to these made by both the central and state government .
Literal meaning of residuary is the remains or which is left over. Therfore the meaning of residuary power means the power which is left over by any organisation or government.