Skip to content

CS Executive · Capital Market and Securities Laws · International Financial Services Centres Authority (IFSCA)

A student asks how the IFSCA Fund under the IFSCA Act, 2019 is built up and used. Which statement is correct?

The IFSCA Fund is credited with all grants, fees and charges received by the Authority and sums from sources decided by the Central Government. It is used for salaries and allowances of Members, officers and employees and the Authority's other expenses, while penalties go to the Consolidated Fund.

  1. AIt is credited with grants, fees and charges received by the Authority and is applied to salaries of Members and staff and other expenses of the AuthorityCorrect
  2. BIt is credited with penalties and fines realised and is applied to general Government expenditure
  3. CIt is credited only with Central Government grants and applied only to capital expenditure
  4. DIt is credited with fees and applied only to remuneration of Members, not other staff

Explanation

The Fund receives all grants, fees and charges received under the Act and sums from sources decided by the Central Government. It is applied to salaries, allowances and remuneration of Members, officers and employees, and other expenses in discharging functions. Penalties go to the Consolidated Fund of India instead.

Did you get it right without looking?

One question tells you little. A timed set on International Financial Services Centres Authority (IFSCA) shows your real accuracy, how long you take and where you lose marks.

Practise International Financial Services Centres Authority (IFSCA)Free diagnostic mock

More International Financial Services Centres Authority (IFSCA) questions