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          FEMA

          Powers of Reserve Bank not to apply to IFSC [ Section 44A ]

          Various powers provided under FEMA Act

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          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.
                            Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                              Provisions expressly mentioned in the judgment/order text.

                                  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.


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