MoF Establishes International Financial Services Centre Authority

Your Opinion: How long do you think it will take to find a Covid-19 vaccine and get the entire country vaccinated?

View Results

Loading ... Loading ...
The Ministry of Finance through its Department of Economics has issued a notice. The notice issued in the Gazette of India on April 27, 2020. In effect, it provided for the establishment of the International Financial Services Centre Authority. The International Financial Services Centre Authority Act 2019 confers the powers upon the government for the establishment of such Authority.  Section 4(1) and 4(3) of the Act confers such powers. The section provides that the government, for the purpose of this act, shall set up such Authority.

Functioning of the International Financial Services Centre Authority

According to the provisions of the Act, the Authority must be a corporate body. It must have perpetual succession and a common seal. Moreover, the authority shall have the power to enter into, execute and dispose of property both movable and immovable. The central government has the authority to decide the place of its head office. Accordingly, the head of the Authority is decided to be at Gandhinagar, Gujarat.

Composition of the Authority

There must be a chairperson. One member must be nominated from RBI, SEBI, Insurance Regulatory and Development Authority of India and the Pension Fund Regulatory and Development. All the members so nominated must be ex-officio.

Furthermore, two Members, from amongst the officials of the Ministry of Finance, ex officio; and two other members appointed on the recommendation of a Selection Committee. Of course, the Central government will appoint all these members. Besides, the Central government can also remove any member on the grounds mentioned in the Act.

0 0
Avatar
Shriya Katariahttp://lexinsider.com
A writer by day and a reader by night. I am a Lawyer in making and a lifelong humanitarian. My enthusiasm for content writing and public speaking is real and undeniable. When not writing, I'm either painting or busy with my slam poetry.

Get Our Monthly Digest Delivered Straight To Your Inbox

CONTINUE READING

ASHA: Frontline Workers Sidelined by Authorities in COVID-19

0
An accredited social health activist, commonly referred to as ASHA; refers to a community health worker the Ministry of Health and Family Welfare instituted as a part of the National Rural Health Mission (NRHM). One of the key components of the National Rural Health Mission is to provide every village in...

ECA Amendment 2020: A Blessing in Disguise?

0
Day to Day commodities of daily household no longer essential commodities

Umar Khalid -Mastermind Behind the Delhi riots, 2020?

0
In New Delhi, a human rights activist and former Jawaharlal Nehru University (JNU) student, Umar Khalid, was arrested by the Police's special cell under the Unlawful Activities (Prevention) Act, 1967 (UAPA) and sent to judicial custody till October 22 2020,for his alleged role in the riots...

Reliance Facebook Deal vis-à-vis the Controversial Farmers’ Bills 2020

0
Reliance Facebook Deal - Background The Modi government’s ideology visibly encompasses towards privatization and pro-corporatization. The recent farmers' bills set in motion by the NDA government are on the same lines given the Reliance-Facebook Deal. Given the importance of these reforms and the...

Farmers Reforms 2020 – The Outrage Explained

0
The Rajya Sabha on 20 September 2020 passed two agricultural bills despite huge backlash from farmers of various states. The Lok Sabha had passed these bills on 17 September 2020. The Centre had promulgated three ordinances on June 25 which is the cause of these protests. After the beginning of the Monsoon Session of Parliament, the government introduced three Bills to replace these ordinances.

The ‘Flushed’ reality behind Toilet Construction

0
A Survey conducted by the Comptroller and Auditor General of India (CAG) revealed that about 40% of the toilets in the government schools, built as a result of the Swachh Vidhalaya inititative, were partially constructed, unutilized or did not exist at all. Under the...