International Financial Services Centres Authority Act, 2019
Bare 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.
- Act number
- 50 of 2019
- Enacted
- 19 December 2019
- Contents
- 34 sections · 7 chapters
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Contents
Chapter I — Preliminary
Chapter II — Establishment Of Authority
- Section 4 – Establishment and incorporation of Authority
- Section 5 – Composition of Authority
- Section 6 – Terms of office and conditions of service of Chairperson and other Members (preview)
- Section 7 – Removal of Member from office (preview)
- Section 8 – Meetings of Authority (preview)
- Section 9 – Vacancies, etc., not to invalidate proceedings of Authority (preview)
- Section 10 – Administrative powers of Chairperson (preview)
- Section 11 – Officers and other employees of Authority (preview)
Chapter III — Powers And Functions Of Authority
- Section 12 – Functions of Authority (preview)
- Section 13 – Powers of Authority in relation to financial products, financial services and financial institutions (preview)
Chapter IV — Finance, Accounts And Audit
- Section 14 – Grants by Central Government (preview)
- Section 15 – Fund of Authority (preview)
- Section 16 – Accounts and audit (preview)
- Section 17 – Performance Review Committee (preview)
- Section 18 – Maintenance of website (preview)
- Section 19 – Returns and reports (preview)
Chapter V — Foreign Exchance Transactions
Chapter VI — Miscellaneous
- Section 21 – Power to issue directions (preview)
- Section 22 – Power of Central Government to supersede Authority (preview)
- Section 23 – Delegation of powers (preview)
- Section 24 – Members, officers and employees of the Authority to be public servants (preview)
- Section 25 – Protection of action taken in good faith (preview)
- Section 26 – Exemption from tax (preview)
- Section 27 – Power to make rules (preview)
- Section 28 – Power to make regulations (preview)
- Section 29 – Rules and regulations to be laid before Parliament (preview)
- Section 30 – Overriding effect (preview)
- Section 31 – Power to modify provisions of other enactments in relation to International Financial Services Centres (preview)
- Section 33 – Amendment to certain enactments (preview)
- Section 34 – Savings (preview)