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Section 34B: Powers of Reserve Bank not to apply to International Financial Services Centre

The Payment and Settlement Systems Act, 2007Central Act · Act 51 of 2007

[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,--

(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,

in so far as regulation of financial products, financial services and financial institutions that are permitted in the International Financial Services Centres are concerned.]

Where this provision sits

ActThe Payment and Settlement Systems Act, 2007
Section34B
Marginal notePowers of Reserve Bank not to apply to International Financial Services Centre
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

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

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