IFSCA Bill grants central government power to supersede authority
This Bill establishes the International Financial Services Centres Authority (IFSCA) to develop and regulate financial products, services, and institutions within International Financial Services Centres (IFSCs) in India.
The law applies to International Financial Services Centres set up under the Special Economic Zones Act, 2005, and affects financial institutions, regulators, and entities operating within these specific zones.
- Establishes the International Financial Services Centres Authority as a body corporate with perpetual succession.
- Defines the Authority's composition, including a Chairperson, ex-officio members from RBI, SEBI, IRDAI, and PFRDA, and other appointed members.
- Grants the Authority the power to regulate financial products, services, and institutions in IFSCs, overriding other laws where necessary.
- Specifies that the Authority can issue directions, make rules and regulations, and has powers regarding foreign exchange transactions.
- Provides for the Authority's funding through grants by the Central Government and its own fund.
- States that members, officers, and employees of the Authority are to be treated as public servants.
- Includes provisions for the exemption of the Authority from tax on wealth and income.
Written from the document by AI, and checked against it. The original below is authoritative.
Where this law is now — Withdrawn
The original document
Document details
| Official title | THE INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY BILL, 2019 |
| Source body | Parliament of India — Bills (Lok Sabha & Rajya Sabha) |
| Reference number | X |
| Status | closed (bill) |
| Year | 2019 |
| Closing date | — |
| Documents | 1 |