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CS Professional · IFSCA - Regulations, Listing and Compliances · International Financial Services Centres: An Introduction

Which matter is expressly listed in the IFSCA Act, 2019 as one on which the Authority may make regulations under its general regulation-making power?

The Authority may make regulations on the foreign currency in which transactions of financial services in an IFSC may be conducted. This is expressly listed in section 28(2)(f) of the IFSCA Act, 2019, whereas tax rates, SEZ setup and the Chairperson's appointment are not.

  1. AThe rate of income-tax on IFSC units
  2. BThe foreign currency in which transactions of financial services in an IFSC may be conductedCorrect
  3. CThe setting up of a Special Economic Zone under the SEZ Act
  4. DThe appointment of the Chairperson of the Authority

Explanation

Section 28(2)(f) lists the foreign currency in which financial services transactions in an IFSC may be conducted as a matter for regulations. Tax rates, creation of SEZ centres and appointment of the Chairperson are not listed there.

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