Section 33A
Powers of Reserve Bank not to apply to International Financial Services Centre.
The Credit Information Companies (Regulation) Act, 2005.
About this Act
An Act to provide for regulation of credit information companies and to facilitate efficient distribution of credit and for matters connected therewith or incidental thereto.
1[33A. Powers of Reserve Bank not to apply to International Financial Services Centre.--
Notwithstanding anything contained in any other law for the time being in force, the powers exercisable
by the Reserve Bank under this Act,--
(a) shall not extend to an International Financial Services Centre set up under sub-section (1) of section 18 of the Special Economic Zones Act, 2005 (28 of 2005);
(b) shall be exercisable by the International Financial Services Centres Authority established under sub-section (1) of section 4 of the International Financial Services Centres Authority Act, 2019,
in so far as regulation of financial products, financial services and financial institutions that are permitted in the International Financial Services Centres are concerned.]
(a) shall not extend to an International Financial Services Centre set up under sub-section (1) of section 18 of the Special Economic Zones Act, 2005 (28 of 2005);
(b) shall be exercisable by the International Financial Services Centres Authority established under sub-section (1) of section 4 of the International Financial Services Centres Authority Act, 2019,
in so far as regulation of financial products, financial services and financial institutions that are permitted in the International Financial Services Centres are concerned.]
Notes
1. Ins. by Act 50 of 2019, s. 33 and the second Schedule (date to be notified).