THE INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY ACT, 2019

ACT NO 50 OF 2019 · Enacted [19th December, 2019.] · 34 sections

PRELIMINARY

Section 1.Short title and commencement.

Section 2.Application.

Section 3.Definitions.

ESTABLISHMENT OF AUTHORITY

Section 4.Establishment and incorporation of Authority.

Section 5.Composition of Authority.

Section 6.Terms of office and conditions of service of Chairperson and other Members.

Section 7.Removal of Member from office.

Section 8.Meetings of Authority.

Section 9.Vacancies, etc., not to invalidate proceedings of Authority.

Section 10.Administrative powers of Chairperson.

Section 11.Officers and other employees of Authority.

POWERS AND FUNCTIONS OF AUTHORITY

Section 12.Functions of Authority.

Section 13.Powers of Authority in relation to financial products, financial services and financial institutions.

FINANCE, ACCOUNTS AND AUDIT

Section 14.Grants by Central Government.

Section 15.Fund of Authority.

Section 16.Accounts and audit.

Section 17.Performance Review Committee.

Section 18.Maintenance of website.

Section 19.Returns and reports.

FOREIGN EXCHANCE TRANSACTIONS

Section 20.Transactions in foreign currency.

MISCELLANEOUS

Section 21.Power to issue directions.

Section 22.Power of Central Government to supersede Authority.

Section 23.Delegation of powers.

Section 24.Members, officers and employees of the Authority to be public servants.

Section 25.Protection of action taken in good faith.

Section 26.Exemption from tax.

Section 27.Power to make rules.

Section 28.Power to make regulations.

Section 29.Rules and regulations to be laid before Parliament.

Section 30.Overriding effect.

Section 31.Power to modify provisions of other enactments in relation to International Financial Services Centres.

Section 32.Power to remove difficulties.

Section 33.Amendment to certain enactments.

Section 34.Savings.