Reserve Bank powers excluded for IFSCs, with regulatory authority shifted to the IFSC Authority for permitted financial activity. Section 44A excludes the Reserve Bank's powers under FEMA from applying to an IFSC and assigns regulation of financial products, services and institutions ... Summary
Reserve Bank powers excluded for IFSCs, with regulatory authority shifted to the IFSC Authority for permitted financial activity.
Section 44A excludes the Reserve Bank's powers under FEMA from applying to an IFSC and assigns regulation of financial products, services and institutions permitted in an IFSC to the International Financial Services Centres Authority, operating notwithstanding any other law; remittance treatment to IFSCs under the Liberalised Remittance Scheme is referenced via a central bank circular reviewing LRS guidelines.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
Join Channel
TaxTMI 
