The INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY ACT, 2019

PRELIMINARY

Section 1 — Short title and commencement.

(1) This Act may be called the International Financial Services Centres Authority Act, 2019.

(2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint; and different dates may be appointed for different provisions of this Act, and any reference in any provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision.

Browse all 36 sections
  1. 1.Short title and commencement.
  2. 2.Application.
  3. 3.Definitions.
  4. 4.Establishment and incorporation of Authority.
  5. 5.Composition of Authority.
  6. 6.Terms of office and conditions of service of Chairperson and other Members.
  7. 7.Removal of Member from office.
  8. 8.Meetings of Authority.
  9. 9.Vacancies, etc., not to invalidate proceedings of Authority.
  10. 10.Administrative powers of Chairperson.
  11. 11.Officers and other employees of Authority.
  12. 12.Functions of Authority.
  13. 13.Powers of Authority in relation to financial products, financial services and financial institutions.
  14. 14.Grants by Central Government.
  15. 15.Fund of Authority.
  16. 16.Accounts and audit.
  17. 17.Performance Review Committee.
  18. 18.Maintenance of website.
  19. 19.Returns and reports.
  20. 20.Transactions in foreign currency.
  21. 21.Power to issue directions.
  22. 22.Power of Central Government to supersede Authority.
  23. 23.Delegation of powers.
  24. 24.Members, officers and employees of the Authority to be public servants.
  25. 25.Protection of action taken in good faith.
  26. 26.Exemption from tax.
  27. 27.Power to make rules.
  28. 28.Power to make regulations.
  29. 29.Rules and regulations to be laid before Parliament.
  30. 30.Overriding effect.
  31. 31.Power to modify provisions of other enactments in relation to International Financial Services Centres.
  32. 32.Power to remove difficulties.
  33. 33.Amendment to certain enactments.
  34. 34.Savings.
  35. SCH-THE FIRST SCHEDULE.THE FIRST SCHEDULE
  36. SCH-THE SECOND SCHEDULE.THE SECOND SCHEDULE