Meaning:

The dictionary meaning of the word prospective with reference to statutes shows that it is
concerned with or applying the laws in future or at least from the date of commencement of the
statute. the Cardinal Principle of construction of a statute is that every statute was prima facie a
prospective “unless it is expressly or by necessary implication made to have retrospective
operation”.
All statutes in general have only prospective effect. It means
applicability to future transactions. 
General Statute
Every statute is prima facie prospective, unless it is expressed or
implied. If the object of the statute is to affect vested rights or to
impose mew burdens or to impair existing obligations, then there must
be words in the statute sufficient to show the intention of the
legislature. A statute can be given retrospective effect, only if the
statute so directs either expressly or by necessary implications. It is a
fundamental rule of the law that no statute shall be construed to have
retrospective operation unless such construction appears very clearly
in terms of the Act, or arises by necessary or distinct implication.
Conditions for giving retrospective effect Minute attention must be
given to the language of the statutory provision for determining the
scope of the retrospection as intended by the Parliament. The
language used in a statute is the most important factor to be
considered.

https://www.slideshare.net/jobetclaudio/916-918-ppt (till slide 12)