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Govt. notifies Oct 1, 2020, as a date for enforcement of Section 13 and Section 33 of of the International Financial Services Centres Authority Act, 2019

Financial Services Centres - Section 13 - section 33 - enforcement - Taxscan

The central government notified October 1, 2020 as a date for enforcement of Section 13 and Section 33 of the International Financial Services Centres Authority Act, 2019.

The Government in exercise of the powers conferred by sub-section (2) of section 1 of the International Financial Services Centres Authority Act, 2019 (50 of 2019), the Central Government appointed the 1st of October, 2020 as the date on which the provisions of  Section 13 and Section 33 the said Act shall come into force.

Section 13 of the International Financial Services Centres Authority Act, 2019 deals with the  powers of Authority in relation to financial products, financial services and financial institutions.

Section 33  of the International Financial Services Centres Authority Act, 2019 deals with the enactments specified in the Second Schedule which elaborates on powers of Bank not to apply to International Financial Services Centre, powers of Authority not to apply to International Financial Services Centre; powers of Reserve Bank not to apply to International Financial Services Centre, etc.

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