The International Financial Services Centres Authority Act, 2019

Act Number:50
Court:Ministry of Finance
Record Number:201950
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THE INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY ACT, 2019
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ARRANGEMENT OF SECTIONS
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CHAPTER I
PRELIMINARY
SECTIONS
1. Short title and commencement.
2. Application.
3. Definitions.
CHAPTER II
ESTABLISHMENT OF AUTHORITY
4. Establishment and incorporation of Authority.
5. Composition of Authority.
6. Terms of office and conditions of service of Chairperson and other Members.
7. Removal of Member from office.
8. Meetings of Authority.
9. Vacancies, etc., not to invalidate proceedings of Authority.
10. Administrative powers of Chairperson.
11. Officers and other employees of Authority.
CHAPTER III
POWERS AND FUNCTIONS OF AUTHORITY
12. Functions of Authority.
13. Powers of Authority in relation to financial products, financial services and financial institutions.
CHAPTER IV
FINANCE, ACCOUNTS AND AUDIT
14. Grants by Central Government.
15. Fund of Authority.
16. Accounts and audit.
17. Performance Review Committee.
18. Maintenance of website.
19. Returns and reports.
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CHAPTER V
FOREIGN EXCHANCE TRANSACTIONS
SECTIONS
20. Transactions in foreign currency.
CHAPTER VI
MISCELLANEOUS
21. Power to issue directions.
22. Power of Central Government to supersede Authority.
23. Delegation of powers.
24. Members, officers and employees of the Authority to be public servants.
25. Protection of action taken in good faith.
26. Exemption from tax.
27. Power to make rules.
28. Power to make regulations.
29. Rules and regulations to be laid before Parliament.
30. Overriding effect.
31. Power to modify provisions of other enactments in relation to International Financial Services
Centres.
32. Power to remove difficulties.
33. Amendment to certain enactments.
34. Savings.
THE FIRST SCHEDULE
THE SECOND SCHEDULE

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