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of <h1>Section 44A: RBI Powers Excluded in IFSCs, Regulated by IFSC Authority Under 2019 Act; Remittance Guidelines Updated 2021.</h1> Section 44A of the FEMA Act specifies that the Reserve Bank's powers do not apply to International Financial Services Centres (IFSCs) established under the Special Economic Zones Act, 2005. Instead, these powers are exercised by the International Financial Services Centres Authority as per the International Financial Services Centres Authority Act, 2019, concerning the regulation of financial products, services, and institutions in IFSCs. Additionally, remittances to IFSCs in India under the Liberalised Remittance Scheme are addressed, with reference to a specific circular dated February 16, 2021, which reviews guidelines on the scheme.
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