Act 50 of 2019

The International Financial Services Centres Authority Act, 2019

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.

  • Ministry of Finance
  • Department of Economic Affairs
  • Enacted 2019-12-19
  • 34 sections
SectionTitle
1 Short title and commencement.Read
2 Application.Read
3 Definitions.Read
4 Establishment and incorporation of Authority.Read
5 Composition of Authority.Read
6 Terms of office and conditions of service of Chairperson and other Members.Read
7 Removal of Member from office.Read
8 Meetings of Authority.Read
9 Vacancies, etc., not to invalidate proceedings of Authority.Read
10 Administrative powers of Chairperson.Read
11 Officers and other employees of Authority.Read
12 Functions of Authority.Read
13 Powers of Authority in relation to financial products, financial services and financial institutions.Read
14 Grants by Central Government.Read
15 Fund of Authority.Read
16 Accounts and audit.Read
17 Performance Review Committee.Read
18 Maintenance of website.Read
19 Returns and reports.Read
20 Transactions in foreign currency.Read
21 Power to issue directions.Read
22 Power of Central Government to supersede Authority.Read
23 Delegation of powers.Read
24 Members, officers and employees of the Authority to be public servants.Read
25 Protection of action taken in good faith.Read
26 Exemption from tax.Read
27 Power to make rules.Read
28 Power to make regulations.Read
29 Rules and regulations to be laid before Parliament.Read
30 Overriding effect.Read
31 Power to modify provisions of other enactments in relation to International Financial Services Centres.Read
32 Power to remove difficulties.Read
33 Amendment to certain enactments.Read
34 Savings.Read
Scroll to Top