Section 15
Fund of Authority.
The International Financial Services Centres Authority Act, 2019
About this Act
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.
(1) There shall be constituted a Fund to be called the International
Financial Services Centres Authority Fund and there shall be credited thereto--
(a) all grants, fees and charges received by the Authority under this Act; and
(b) all sums received by the Authority from the sources as may be decided upon by the Central Government.
(2) The Fund shall be applied for meeting--
(a) the salaries, allowances and other remuneration of Members, officers and other employees of the Authority; and
(b) other expenses incurred by the Authority in connection with the discharge of its functions and for the purposes of this Act.
(a) all grants, fees and charges received by the Authority under this Act; and
(b) all sums received by the Authority from the sources as may be decided upon by the Central Government.
(2) The Fund shall be applied for meeting--
(a) the salaries, allowances and other remuneration of Members, officers and other employees of the Authority; and
(b) other expenses incurred by the Authority in connection with the discharge of its functions and for the purposes of this Act.