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Section 44A of The Foreign Exchange Management Act, 1999 View Chapter 7

Powers of Reserve Bank not to apply to International Financial Services Centre

1[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 Authority Act, 2019,

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Footnote :

1. Ins. by Act 50 of 2019, s. 33 and the second Schedule (w.e.f. 1-10-2020)


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