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of <h1>International Financial Services Centres Authority Act, 2019: Authority Regulates Financial Products and Services, Overrides Other Laws.</h1> The International Financial Services Centres Authority Act, 2019 grants the Authority powers over financial products, services, and institutions within such centers, overriding other laws. It assumes regulatory powers from appropriate regulators as listed in the First Schedule. The Central Government can amend this schedule to include or omit regulators and laws. Procedures for applications, inspections, investigations, and penalties under respective Acts apply similarly under this Act. Penalties are collected in foreign currency, converted at rates set by the Reserve Bank of India, and credited to India's Consolidated Fund. The Authority can further specify regulations to fulfill its functions.
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