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The International Financial Services Centres Authority Act, 2019

Central

An Act to provide for the establishment of an Authority to develop and regulate the financial services market in the International Financial Services Centres in India and for matters connected therewith or incidental thereto.

Act number
50 of 2019
Ministry
Ministry of Finance
Department
Department of Economic Affairs
Enacted
19 Dec 2019

Source: IndiaCode Portal, Legislative Department, Ministry of Law and Justice, Government of India. Open on India Code Check against the official text before relying on it.

34 sections

  1. Section 1Short title and commencement.
  2. Section 2Application.
  3. Section 3Definitions.
  4. Section 4Establishment and incorporation of Authority.
  5. Section 5Composition of Authority.
  6. Section 6Terms of office and conditions of service of Chairperson and other Members.
  7. Section 7Removal of Member from office.
  8. Section 8Meetings of Authority.
  9. Section 9Vacancies, etc., not to invalidate proceedings of Authority.
  10. Section 10Administrative powers of Chairperson.
  11. Section 11Officers and other employees of Authority.
  12. Section 12Functions of Authority.
  13. Section 13Powers of Authority in relation to financial products, financial services and financial institutions.
  14. Section 14Grants by Central Government.
  15. Section 15Fund of Authority.
  16. Section 16Accounts and audit.
  17. Section 17Performance Review Committee.
  18. Section 18Maintenance of website.
  19. Section 19Returns and reports.
  20. Section 20Transactions in foreign currency.
  21. Section 21Power to issue directions.
  22. Section 22Power of Central Government to supersede Authority.
  23. Section 23Delegation of powers.
  24. Section 24Members, officers and employees of the Authority to be public servants.
  25. Section 25Protection of action taken in good faith.
  26. Section 26Exemption from tax.
  27. Section 27Power to make rules.
  28. Section 28Power to make regulations.
  29. Section 29Rules and regulations to be laid before Parliament.
  30. Section 30Overriding effect.
  31. Section 31Power to modify provisions of other enactments in relation to International Financial Services Centres.
  32. Section 32Power to remove difficulties.
  33. Section 33Amendment to certain enactments.
  34. Section 34Savings.