Questions and Answers
What is the establishment date of the International Financial Services Centres Authority?
Where is the head office of the International Financial Services Centres Authority located?
How many members are there in the Authority as per the composition?
Which of the following is NOT an ex officio member of the Authority?
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What is the maximum age limit for the Chairperson of the Authority?
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What is the term length for the Chairperson and Members of the Authority?
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Which of the following statements is true regarding the resignation of Members?
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Who appoints two other Members of the Authority on the recommendation of a Selection Committee?
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What is the short title of the act established in 2019?
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When did the provisions of the International Financial Services Centres Authority Act, 2019 come into force?
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Which entities does the act specifically apply to?
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Which of the following is NOT defined as a financial product under the act?
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What does the term 'financial institution' refer to in the context of the act?
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Which of the following financial products includes aircraft lease?
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Who has the authority to notify any new financial products as per the act?
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Which aspect of the act pertains to foreign currency contracts?
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What is the cooling-off period for a member after ceasing to hold office?
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Which of the following is NOT a valid reason for the Central Government to remove a member from office?
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Under what condition can a member be removed for having acquired financial interests?
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What is the minimum number of members required to convene a meeting of the Authority?
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How much notice is required for a meeting of the Authority?
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Who has the casting vote in case of a tie during a meeting resolution?
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Which of the following is a requirement for an emergency meeting to be convened?
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What must a member be given before being removed under clauses related to abuse of position?
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Which Act was amended in 1999 concerning insurance regulation?
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What is the significance of the rules and regulations made under central acts as per the mentioned content?
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Which of the following acts was amended in 2006?
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Which Act pertains specifically to the regulation of credit information companies?
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What amendment was made in 2013 according to the content provided?
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What does the Pension Fund Regulatory and Development Authority Act, 2013 specify about penalties and fines?
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Who is responsible for maintaining and auditing the accounts of the Authority?
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Which of the following is a fund created under the Pension Fund Regulatory and Development Authority Act, 2013?
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What can the Central Government do after making appropriations by law concerning the Authority?
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How is the foreign currency equivalent of imposed penalties determined?
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For what purposes can the funds from the International Financial Services Centres Authority Fund be utilized?
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What must the Authority do in terms of its financial record keeping?
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What type of appropriations are the grants to the Authority made by the Central Government based on?
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Study Notes
International Financial Services Centres Authority Act, 2019
- Act known as the International Financial Services Centres Authority Act, 2019.
- Effective dates: 27 April 2020, 21 August 2020, and 29 September 2020.
- Applicable to International Financial Services Centres set up under the Special Economic Zones Act, 2005.
Definitions
- Financial Institution: A unit in an International Financial Services Centre providing financial services for various financial products.
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Financial Products include:
- Securities
- Insurance contracts
- Deposits
- Credit arrangements
- Foreign currency contracts (excluding immediate exchange)
- Aircraft leases (operating and financial)
- Other notified products by the Central Government.
Authority Composition
- Headquartered in Gandhinagar, Gujarat.
- Authority consists of:
- A Chairperson.
- One member from each of the following:
- Reserve Bank of India
- Securities and Exchange Board of India
- Insurance Regulatory and Development Authority of India
- Pension Fund Regulatory and Development Authority
- Two members from the Ministry of Finance.
- Two additional members appointed by the Central Government.
Terms of Office
- Chairperson and members serve a term of 3 years with reappointment eligibility.
- Maximum age limits: Chairperson - 65 years, Whole-time member - 62 years.
- Members may resign with 3 months' notice or be removed for specific reasons, such as insolvency or moral turpitude.
Meetings
- Authority must meet at least quarterly.
- Notice period for meetings is 7 working days; quorum requires 4 members.
- Decisions made by majority vote, with a casting vote for the Chairperson in case of ties.
Finance
- Central Government can provide grants to the Authority for purposes outlined in the Act.
- An International Financial Services Centres Authority Fund is established, funded by:
- Grants, fees, and charges.
- Other funds determined by the Central Government.
- Fund applications include salaries, allowances, and operational expenses of the Authority.
Accounts and Audit
- Authority required to maintain proper accounts and relevant records.
- Annual accounts to be audited by the Comptroller and Auditor-General of India.
Amendments
- Amendments are made to several Acts, including:
- Insurance Regulatory and Development Authority Act, 1999
- Foreign Exchange Management Act, 1999
- Credit Information Companies (Regulation) Act, 2005
- Government Securities Act, 2006
- Payment and Settlement Systems Act, 2007
- Pension Fund Regulatory and Development Authority Act, 2013.
Legal Provisions
- Existing rules and regulations related to financial products and services continue in force under this Act, unless superseded.
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Description
Test your knowledge of the International Financial Services Centres Authority Act, 2019. This quiz covers the key aspects and preliminary sections of the act, providing a comprehensive overview of its provisions and implications for financial services. Perfect for students and professionals in the finance sector.
