CS Executive · Capital Market and Securities Laws · International Financial Services Centres Authority (IFSCA)
The Central Government wants a provision of an existing Central Act to apply to financial services in an IFSC only with certain modifications. Which statement correctly describes the procedure under the IFSCA Act, 2019?
The Central Government notifies the exceptions, modifications or adaptations, but a draft of the notification must first be laid before each House of Parliament for a total of thirty days. If both Houses disapprove or modify it, it is not issued or is issued only as modified.
- AIFSCA issues a regulation modifying the Act, which takes effect immediately
- BThe Government issues a notification specifying the exceptions and modifications, and a draft of it is laid before each House of Parliament for a total of thirty daysCorrect
- CThe Government issues a notification after the RBI approves it, without any Parliamentary involvement
- DParliament must pass an amending Act for each such modification
Explanation
The Central Government may by notification direct that provisions of other Central Acts do not apply, or apply with exceptions, modifications and adaptations, in an IFSC. A draft must be laid before each House for thirty days, and both Houses may disapprove or modify it. A regulation by IFSCA or a full amending Act is not the route.
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