AMENDMENT TO CERTAIN ENACTMENTS
PART I
AMENDMENT TO THE RESERVE BANK OF INDIA ACT, 1934
(2 OF 1934)
Insertion of new section after section 57.—After section 57, the following section shall be inserted,
namely:—
“57A. Powers of Bank not to apply to International Financial Services Centre.—Notwithstanding
anything contained in any other law for the time being in force, the powers exercisable by the Bank under
this Act,—
(a) shall not extend to an International Financial Services Centre set up under sub-section (1) of section 18
of the Special Economic Zones Act, 2005 (28 of 2005);
(b) shall be exercisable by the International Financial Services Centres Authority established under
sub-section (1) of section 4 of the International Financial Services CentresAuthority Act, 2019,
in so far as regulation of financial products, financial services and financial institutions that are permitted in
the International Financial Services Centres are concerned.”.
PART II
AMENDMENT TO THE INSURANCE ACT, 1938
(4 OF 1938)
Insertion of new section after section 118.—After section 118, the following section shall be inserted,
namely:—
“118A. Powers of Authority not to apply to International Financial Services Centre.—Notwithstanding
anything contained in any other law for the time being in force, the powers exercisable by the Authority
under thisAct,—
(a) shall not extend to an International Financial Services Centre set up under sub-section (1) of section 18
of the Special Economic Zones Act, 2005 (28 of 2005);
(b) shall be exercisable by the International Financial Services Centres Authority established under
sub-section (1) of section 4 of the International Financial Services CentresAuthority Act, 2019,
in so far as regulation of financial products, financial services and financial institutions that are permitted in
the International Financial Services Centres are concerned.”.
PART III
AMENDMENT TO THE BANKING REGULATION ACT, 1949
(10 OF 1949)
Insertion of new section after section 51.—After section 51, the following section shall be inserted,
namely:—
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“51A. Powers of Reserve Bank not to apply to International Financial Services Centre.—
Notwithstanding anything contained in any other law for the time being in force, the powers exercisable by
the Reserve Bank under this Act,—
(a) shall not extend to an International Financial Services Centre set up under sub-section (1) of section 18
of the Special Economic Zones Act, 2005 (28 of 2005);
(b) shall be exercisable by the International Financial Services Centres Authority established under
sub-section (1) of section 4 of the International Financial Services CentresAuthority Act, 2019,
in so far as regulation of financial products, financial services and financial institutions that are permitted in
the International Financial Services Centres are concerned.”.
PART IV
AMENDMENT TO THE SECURITIES CONTRACTS (REGULATION) ACT, 1956
(42 OF 1956)
Insertion of new section after section 29A.—After section 29A, the following section shall be
inserted, namely:—
“29B. Powers of the Securities and Exchange Board of India not to apply to International
Financial Services Centre.—Notwithstanding anything contained in any other law for the time being in
force, the powers exercisable by the Securities and ExchangeBoard ofIndia underthis Act,—
(a) shall not extend to an International Financial Services Centre set up under sub-section (1) of section 18
of the Special Economic Zones Act, 2005 (28 of 2005);
(b) shall be exercisable by the International Financial Services Centres Authority established under
sub-section (1) of section 4 of the International Financial Services Centres AuthorityAct, 2019,
in so far as regulation of financial products, financial services and financial institutions that are permitted in
the International Financial Services Centres are concerned.”.
PART V
AMENDMENT TO THE DEPOSIT INSURANCE AND CREDIT GUARANTEE CORPORATION ACT, 1961
(47 OF 1961)
Insertion of new section after section 43.—After section 43, the following section shall be inserted,
namely:—
“43A.Powers of Reserve Bank not to apply to International Financial Services Centre.—
Notwithstanding anything contained in any other law for the time being in force, the powers exercisable by
the Reserve Bank under this Act,—
(a) shall not extend to an International Financial Services Centre set up under sub-section (1) of section 18
of the Special Economic Zones Act, 2005 (28 of 2005);
(b) shall be exercisable by the International Financial Services Centres Authority established under
sub-section (1) of section 4 of the International Financial Services Centres AuthorityAct, 2019,
in so far as regulation of financial products, financial services and financial institutions that are permitted in
the International Financial Services Centres are concerned.”.
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PART VI
AMENDMENT TO THE GENERAL INSURANCE BUSINESS (NATIONALISATION) ACT, 1972
(57 OF 1972)
Insertion of new section after section 38.—After section 38, the following section shall be inserted,
namely:—
“38A. Powers of Insurance Regulatory and Development Authority of India not to apply to
International Financial Services Centre.—Notwithstanding anything contained in any other law for the
time being in force, the powers exercisable by the Insurance Regulatory and Development Authority of
India under this Act,—
(a) shall not extend to an International Financial Services Centre set up under sub-section (1) of section 18
of the Special Economic Zones Act, 2005 (28 of 2005);
(b) shall be exercisable by the International Financial Services Centres Authority established under
sub-section (1) of section 4 of the International Financial Services Centres AuthorityAct, 2019,
in so far as regulation of financial products, financial services and financial institutions that are permitted in
the International Financial Services Centres are concerned.”.
PART VII
AMENDMENT TO THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992
(15 OF 1992)
Insertion of new section after section 28B.—After section 28B, the following section shall be
inserted, namely:—
“28C. Powers of Board not to apply to International Financial Services Centre.—
Notwithstanding anything contained in any other law for the time being in force, the powers exercisable by
the Board under thisAct,—
(a) shall not extend to an International Financial Services Centre set up under sub-section (1) of section 18
of the Special Economic Zones Act, 2005 (28 of 2005);
(b) shall be exercisable by the International Financial Services Centres Authority established under
sub-section (1) of section 4 of the International Financial Services CentresAuthority Act, 2019,
in so far as regulation of financial products, financial services and financial institutions that are permitted
in the International Financial Services Centres are concerned.”.
PART VIII
AMENDMENT TO THE DEPOSITORIES ACT, 1996
(22 OF 1996)
Insertion of new section after section 23F.—After section 23F, the following section shall be inserted,
namely:—
“23G. Powers of Board not to apply to International Financial Services Centre.—
Notwithstanding anything contained in any other law for the time being in force, the powers exercisable by
the Board under thisAct,—
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(a) shall not extend to an International Financial Services Centre set up under sub-section (1) of section 18
of the Special Economic Zones Act, 2005 (28 of 2005);
(b) shall be exercisable by the International Financial Services Centres Authority established under
sub-section (1) of section 4 of the International Financial Services CentresAuthority Act, 2019,
in so far as regulation of financial products, financial services and financial institutions that are permitted in
the International Financial Services Centres are concerned.”.
PART IX
AMENDMENT TO THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY ACT, 1999
(41 OF 1999)
Insertion of new section after section 23.—After section 23, the following section shall be inserted,
namely:—
“23A. Powers of Authority not to apply to International Financial Services Centre.—
Notwithstanding anything contained in any other law for the time being in force, the powers exercisable
by the Authority under thisAct,—
(a) shall not extend to an International Financial Services Centre set up under sub-section (1) of section 18
of the Special Economic Zones Act, 2005 (28 of 2005);
(b) shall be exercisable by the International Financial Services Centres Authority established under
sub-section (1) of section 4 of the International Financial Services CentresAuthority Act, 2019,
in so far as regulation of financial products, financial services and financial institutions that are permitted in
the International Financial Services Centres are concerned.”.
PART X
AMENDMENT TO THE FOREIGN EXCHANGE MANAGEMENT ACT, 1999
(42 OF 1999)
Insertion of new section after section 44.—After section 44, the following section shall be inserted,
namely:—
“44A. Powers of Reserve Bank not to apply to International Financial Services Centre.—
Notwithstanding anything contained in any other law for the time being in force, the powers exercisable by
the Reserve Bank under this Act,—
(a) shall not extend to an International Financial Services Centre set up under sub-section (1) of section 18
of the Special Economic Zones Act, 2005 (28 of 2005);
(b) shall be exercisable by the International Financial Services Centres Authority established under
sub-section (1) of section 4 of the International Financial Services Centres AuthorityAct, 2019,
in so far as regulation of financial products, financial services and financial institutions that are permitted in
the International Financial Services Centres are concerned.”.
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PART XI
AMENDMENT TO THE CREDIT INFORMATION COMPANIES (REGULATION) ACT, 2005
(30 OF 2005)
Insertion of new section after section 33.—After section 33, the following section shall be inserted,
namely:—
“33A. Powers of Reserve Bank not to apply to International Financial Services Centre.—
Notwithstanding anything contained in any other law for the time being in force, the powers exercisable by
the Reserve Bank under this Act,—
(a) shall not extend to an International Financial Services Centre set up under sub-section (1) of section 18
of the Special Economic Zones Act, 2005 (28 of 2005);
(b) shall be exercisable by the International Financial Services Centres Authority established under
sub-section (1) of section 4 of the International Financial Services Centres AuthorityAct, 2019,
in so far as regulation of financial products, financial services and financial institutions that are permitted in
the International Financial Services Centres are concerned.”.
PART XII
AMENDMENT TO THE GOVERNMENT SECURITIES ACT, 2006
(38 OF 2006)
Insertion of new section after section 31.—After section 31, the following section shall be inserted,
namely:—
“31A. Powers of Bank not to apply to International Financial Services Centre.—Notwithstanding
anything contained in any other law for the time being in force, the powers exercisable by the Bank under
this Act,—
(a) shall not extend to an International Financial Services Centre set up under sub-section (1) of section 18
of the Special Economic Zones Act, 2005 (28 of 2005);
(b) shall be exercisable by the International Financial Services Centre Authority established under
sub-section (1) of section 4 of the International Financial Services Centres AuthorityAct, 2019,
in so far as regulation of financial products, financial services and financial institutions that are permitted in
the International Financial Services Centres are concerned.”.
PART XIII
AMENDMENT TO THE PAYMENT AND SETTLEMENT SYSTEMS ACT,2007
(51 OF 2007)
Insertion of new section after section 34A.—After section 34A, the following section shall be
inserted, namely:—
“34B. Powers of Reserve Bank not to apply to International Financial Services Centre.—
Notwithstanding anything contained in any other law for the time being in force, the powers exercisable by
the Reserve Bank under this Act,—
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(a) shall not extend to an International Financial Services Centre set up under sub-section (1) of section 18
of the Special Economic Zones Act, 2005 (28 of 2005);
(b) shall be exercisable by the International Financial Services Centres Authority established under
sub-section (1) of section 4 of the International Financial Services CentresAuthority Act, 2019,
in so far as regulation of financial products, financial services and financial institutions that are permitted in
the International Financial Services Centres are concerned.”.
PART XIV
AMENDMENT TO THE PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY ACT, 2013
(23 OF 2013)
Insertion of new section after section 50.—After section 50, the following section shall be inserted,
namely:—
“50A. Powers of Authority not to apply to International Financial Services Centre.—
Notwithstanding anything contained in any other law for the time being in force, the powers exercisable
by the Authority under thisAct,—
(a) shall not extend to an International Financial Services Centre set up under sub-section (1) of section 18
of the Special Economic Zones Act, 2005 (28 of 2005);
(b) shall be exercisable by the International Financial Services Centres Authority established under
sub-section (1) of section 4 of the International Financial Services CentresAuthority Act, 2019,
in so far as regulation of financial products, financial services and financial institutions that are permitted in
the International Financial Services Centres are concerned.”.