TaxTMI 
TaxTMI 
International Financial Services Centres Authority (Informal Guidance) Scheme, 2024
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....ns. b) In order to address the same, the International Financial Services Centre Authority (IFSCA) hereby issues the 'International Financial Services Centre Authority (Informal Guidance) Scheme, 2024' (Scheme) to provide a mechanism for seeking clarity and guidance interalia on various issues pertaining to potential business activity and transactions, which are under the regulatory ambit of the IFSCA and on other legal issues emanating from the acts administered by IFSCA. 1.0 Objective In order to effectively execute business decisions and transactions within the financial services market, it is essential to have clarity and guidance on the extant regulatory framework for making informed and compliant decisions, in order to facili....
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.... IFSC; and (d) such other person as may be specified/permitted by the Authority. 4.0 Types of Informal Guidance Informal Guidance may be sought in the following manners: 4.1 No-Action Letters: In this form, the Department may indicate whether it would or would not recommend any action to the Authority, under any Act and/or Rules, Regulations, Guidelines, Circulars administered by the Authority, if the proposed activity/ business/ transaction described in the request made under clause 5.0 herein is consummated. 4.2 Interpretive Letters: In this form, the Department may provide an interpretation of: (a) specific provision of the Act, Rules, Regulations, Guidelines or Circulars being administered by the Authority;....
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....ified by the Authority from time to time. Conformation of such payments shall be sent to the nodal co-ordination cell e-mail. Out of the total fees paid for request, 75% of it shall be charged as guidance fees and the remaining 25% will be charged as processing fees; Account Name: International Financial Services Centres Authority Account Number: 970105000174 Type of Account: USD Current Account Bank Name: ICICI Bank Limited SWIFT Code: ICICINAAXXX NOSTRO Details: CHASUS33XXX JP MORGAN CHASE BANK NA, NEWYORK, USA Account no: 833999532 (d) The Application shall disclose and analyse all relevant and material facts and circumstances involved, along with all releva....
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....sufficiently discloses the factual situation; (b) the guidance sought is based on hypothetical situations; (c) the applicant has no direct or proximate interest; (d) the applicable legal provisions are not cited; (e) a no-action or interpretive letter has already been issued by any Department of IFSCA on a substantially similar question involving substantially similar facts, as that to which the request relates; (f) the investigation, enquiry or other enforcement action has already been initiated in the said case; (g) the connected issues are pending before any Court or Tribunal and the issue is sub-judice; (h) policy concerns require that the Department does not respond to the ....
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....lready issued under this Scheme. 8.3. It may distinctively be understood that a No-Action Letter or an Interpretive Letter issued by a Department constitutes the view of the Department and shall not be binding on the Authority. However, the Authority may generally act in accordance with such letter. 9.0 Actions against guidance obtained by way of unlawful means Where the Department finds that guidance issued by it under this Scheme has been obtained by the Applicant by fraud or misrepresentation of facts, notwithstanding any legal action that the Department may take, it may declare such guidance to be non-est and thereupon the case of the Applicant will be dealt with, as if such guidance had never been rendered. 10.0 Miscellaneo....