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Brief
'The International Financial Services Centres Authority Bill, 2019 is a legislative proposal that aims to establish an authority to develop and regulate the financial services market in India's International Financial Services Centres (IFSCs). The bill provides for the establishment of the International Financial Services Centres Authority, which shall be a body corporate with perpetual succession and power to enter into contracts. The Authority shall consist of a Chairperson and Members appointed by the Central Government, including officials from the Ministry of Finance and experts in finance, law, and economics.
The Bill confers powers on the Authority to develop and regulate financial products, services, and institutions within the IFSCs, including regulating existing units and permitting new ones. The Authority shall also have the power to exercise all powers exercisable by an appropriate regulator specified under the First Schedule, in relation to financial products, services, or institutions.
The Bill provides for the establishment of a Fund to be called the International Financial Services Centres Authority Fund, which shall be used to meet the salaries, allowances, and other expenses of the Authority. The accounts of the Authority shall be audited by the Comptroller and Auditor-General of India.
The Bill also empowers the Central Government to supersede the Authority for a period not exceeding six months in case it is unable to discharge its functions or has defaulted in complying with any direction given by the Central Government.
Furthermore, the Bill provides that the Members, officers, and employees of the Authority shall be deemed public servants, and no suit or prosecution shall lie against them for anything done in good faith under this Act. The Bill also exempts the Authority from paying income tax or any other tax on its income, services, or profits.
The Bill proposes to amend various enactments specified in the Second Schedule to bring them in conformity with the provisions of this Act. It also empowers the Central Government to make rules and regulations for carrying out the provisions of this Act, which shall be laid before each House of Parliament.'
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