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50/2019 - The International Financial Services Centres Authority Act, 2019 ▶

Act Number: 50

Act Name: The International Financial Services Centres Authority Act, 2019

Year: 2019

Enactment Date: 2019-12-19

Long Title: 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: Ministry of Finance

Department: Department of Economic Affairs

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