International Financial Services Centre regulation shifts from central banking powers to specialised financial services oversight for permitted activities. Section 44A excludes the Reserve Bank's powers under the Foreign Exchange Management Act, 1999 from extending to an International Financial Services ... Summary
International Financial Services Centres Authority Act, 2019
International Financial Services Centre regulation shifts from central banking powers to specialised financial services oversight for permitted activities.
Section 44A excludes the Reserve Bank's powers under the Foreign Exchange Management Act, 1999 from extending to an International Financial Services Centre. In relation to financial products, financial services and financial institutions permitted in such a centre, those powers are exercisable by the International Financial Services Centres Authority. The provision assigns regulatory competence for permitted International Financial Services Centre activities to that specialised authority.
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