## Report on Amendments to International Financial Services Centres Authority Rules
**1. Executive Summary:**
This report analyzes the "IFSCA Salary, Allowances and other Terms and Conditions of Service of Chairperson and Members Amendment Rules, 2025," as published in the Gazette of India. The amendment primarily focuses on revising the salary structure for the Chairperson and Members of the International Financial Services Centres Authority (IFSCA) and introduces a provision regarding pension deductions for retired government officers appointed to these positions. The core purpose is to revise the consolidated salary and remove pension deduction for retired officers. These changes have been implemented retroactively from January 1, 2024.
**2. Introduction:**
This report provides an overview and analysis of the "IFSCA Salary, Allowances and other Terms and Conditions of Service of Chairperson and Members Amendment Rules, 2025." The analysis is based solely on the provided official government publication. The purpose of this report is to inform stakeholders about the specific changes introduced by this amendment and their potential impact.
**3. Policy Overview:**
* **Original Policy:** International Financial Services Centres Authority Salary, Allowances and other Terms and Conditions of Service of Chairperson and Members Rules, 2020.
* **Core Objective(s) (as inferred from the text):** The amendment aims to revise the salary structure for the Chairperson and Members of the IFSCA and clarify provisions related to pension deductions for retired government officers. This likely intends to enhance the attractiveness of these positions and potentially improve the retention of qualified individuals.
**4. Background and Rationale:**
This amendment is likely designed to address the existing compensation levels and pension deduction policies for the Chairperson and Members of the IFSCA. The increased salary and removal of pension deduction are intended to enhance the attractiveness of these leadership positions. The retroactive implementation from January 1, 2024 suggests that a review and approval of the revised salary structure occurred prior to the formal amendment. The explanatory memorandum indicates that these changes were approved by the Department of Expenditures.
**5. Key Provisions / Changes:**
This amendment introduces the following specific changes to the "International Financial Services Centres Authority Salary, Allowances and other Terms and Conditions of Service of Chairperson and Members Rules, 2020":
* **Change 1:** Sub-rule 1 of Rule 7 is amended. The consolidated salary for the Chairperson is increased from Rs. 4,50,000 to Rs. 5,62,500. The effect of this change is to increase the compensation for the Chairperson, potentially attracting a higher caliber of candidates.
* **Change 2:** Sub-rule 2 of Rule 7 is amended. The consolidated salary for whole-time Members is increased from Rs. 4,00,000 to Rs. 5,00,000. The effect of this change is to increase the compensation for Members, potentially attracting a higher caliber of candidates.
* **Change 3:** A new proviso is added after sub-rule 2 of Rule 7. This proviso states that there shall be no deduction of pension from the consolidated salary for retired Government officers appointed as Chairperson or wholetime Members. The effect of this change is to make the positions more financially attractive to retired government officers by removing the disincentive of pension reduction.
* **Change 4:** A further proviso is added after the previously mentioned new proviso that the Chairperson and wholetime Member shall be entitled to a salary under this rule with effect from the 1st day of January 2024.
**6. Target Audience and Stakeholders:**
The primary target audience and stakeholders directly affected by these amendments are:
* The current Chairperson and Members of the IFSCA.
* Potential future candidates for the positions of Chairperson and Member of the IFSCA, particularly retired Government officers.
* The IFSCA itself, as the changes impact its leadership and operational structure.
**7. Implementation Aspects (Inferred):**
* **Responsible agency:** The Ministry of Finance, Department of Economic Affairs, is responsible for implementing these amendments.
* **Timelines:** The amendments are effective from the date of publication in the Official Gazette (April 28, 2025), with retrospective effect from January 1, 2024, for the salary provisions.
* **Procedures:** No specific procedures are detailed in the provided text beyond the standard gazette notification process.
**8. Expected Outcomes / Impact of Changes:**
The likely intended outcomes of these amendments are:
* Enhanced attractiveness of the Chairperson and Member positions within the IFSCA, potentially leading to a more competitive selection process.
* Improved retention of qualified individuals in these roles due to increased compensation.
* Increased willingness of retired government officers to consider these positions, broadening the pool of potential candidates.
* Improved morale and performance of the existing Chairperson and Members due to the recognition of their contributions through salary increases.
**9. Conclusion:**
The "IFSCA Salary, Allowances and other Terms and Conditions of Service of Chairperson and Members Amendment Rules, 2025" represents a significant adjustment to the compensation structure for the leadership of the IFSCA. By increasing salaries and eliminating pension deductions for retired government officers, the amendment aims to attract and retain highly qualified individuals, potentially enhancing the effectiveness and performance of the IFSCA. The retroactive implementation underscores the importance of these changes to the Central Government.
Key Entities Referenced
International Financial Services Centres Authority Act, 2019: Act cited as the source of power for the rules being made.
Ministry of Finance: Government organization responsible for the notification.
Department of Economic Affairs: Department within the Ministry of Finance.
G.S.R. 264E: Notification number.
International Financial Services Centres Authority Salary, Allowances and other Terms and Conditions of Service of Chairperson and Members Rules, 2020: The rules being amended.
IFSCA Salary, Allowances and other Terms and Conditions of Service of Chairperson and Members Amendment Rules, 2025: Title of the amending rules.
Rs 4,50,000: Original salary amount (Rupees four lakh fifty thousand).
Rs 4,00,000: Original salary amount (Rupees four lakh).
rupees five lakh sixtytwo thousand and five hundred: New substituted salary amount.
rupees five lakh: New substituted salary amount.
1st January 2024: Effective date for the salary changes.
F. No. 4142024IFSCA: File number for the notification.
G.S.R. 269E: Reference to the original publication of the principal rules.
Department of Expenditures: Department that accorded approval to the revised consolidated salary.
O.M. No. 14042022E.III.A: Office Memorandum number relating to the approval.
25 March, 2025: Date of the Office Memorandum.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-28042025-262738
CG-DxLx-xEG-I2D8H0x4x2x0 25-262738
xxxGIDExxx
असाधारण
EXTRAORDINARY
भाग II—खण्ड 3—उप-खण्ड (i)
PART II—Section 3—Sub-section (i)
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 225] नई दिल्ली, सोमिार, अप्रलै 28, 2025/ििै ाख 8, 1947
No. 225] NEW DELHI, MONDAY, APRIL 28, 2025/VAISAKHA 8, 1947
जित्त मत्रं ालय
(आर्थकि काय िजिभाग)
अजधसचू ना
नई दिल्ली, 28 अप्रैल, 2025
सा.का.जन. 264(अ).— केन्द रीय सरकार, अंतराष्ट्रि ीय जित्तीय सिे ाएं केंर प्राजधकरण अजधजनयम, 2019 (2019 का
50) की धारा 27 द्वारा प्रित्त िजियों का प्रयोग करते हुए, अंतराष्ट्रि ीय जित्तीय सेिाएं केंर प्राजधकरण (अध्यक्ष और सिस्ट्यों
का िेतन, भत्ते और सेिा के अन्दय जनबंधन और ितें) जनयम, 2020 का संिोधन करन े के जलए जनम्नजलजखत जनयम बनाती है,
अथाित ् :--
1. (1) इन जनयमों का संजक्षप् त नाम अंतरािष्ट्रीय जित्तीय सिे ाएं केंर प्राजधकरण (अध्यक्ष और सिस्ट्यों का िेतन, भत्ते और सेिा
के अन्दय जनबंधन और ितें) संिोधन जनयम, 2025 ह ै।
(2) ये रािपत्र में उनके प्रकािन की तारीख को प्रिृत् त होंगे ।
2. अंतरािष्ट्रीय जित्तीय सेिाएं केंर प्राजधकरण (अध्यक्ष और सिस्ट्यों का िेतन, भत्ते और सेिा के अन्दय जनबंधन और ितें)
जनयम, 2020 के जनयम 7 म,ें --
2795 GI/2025 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
(i) उपजनयम (1) म,ें “चार लाख पचास हिार रुपए (4,50,000 रुपए)” िब्िों, कोष्ठकों और अंकों के स्ट्थान
पर, “पांच लाख बासठ हिार पांच सौ रुपए” िब्ि रखे िाएंग े;
(ii) उपजनयम (2) म,ें “चार लाख रुपए (4,00,000 रुपए)” िब्िों, कोष्ठकों और अंकों के स्ट्थान पर, “पांच
लाख रुपए” िब्ि रख ेिाएंगे ;
(iii) उपजनयम (2) के पश्चात,् जनम्नजलजखत परंतुक अंत:स्ट्थाजपत दकए िाएंग,े अथाित ्:--
“परंत ुअध्यक्ष या पणू िकाजलक सिस्ट्यों के रूप में जनयिु केंरीय सरकार के सेिाजनिृत्त अजधकाररयों के संबंध
म,ें समेदकत िेतन से पेंिन की कोई कटौती नहीं की िाएगी :
परंतु यह और दक अध्यक्ष और पणू िकाजलक सिस्ट्य 1 िनिरी 2024 से इस जनयम के अधीन िेतन के हकिार
होंगे ।”।
[फा. स.ं 4/14/2024-आईएफएससीए]
सुरजभ िैन, संयु सजचि
क्त
रटप्पण--मलू जनयम, भारत के रािपत्र, असाधारण, भाग II, खंड 3, उपखंड (i) म,ें अजधसूचना सं. सा.का.जन. 269(अ),
तारीख 29 अप्रलै , 2020 द्वारा प्रकाजित दकए गए थे ।
स्ट्पष्टीकारक ज्ञापन
जनयमों में उपरोि संिोधन को भूतलक्षी प्रभाि दिया गया ह,ै क्योंदक केंरीय सरकार न,े व्यय जिभाग के तारीख
25 माच,ि 2025 के कायािलय ज्ञापन संख्या 14-04/2022-ई.3.क के अधीन, अंतरािष्ट्रीय जित्तीय सेिाएं केंर प्राजधकरण के
अध्यक्ष और सिस्ट्यों के संिोजधत समेदकत िेतन को 1 िनिरी 2024 से अनुमोदित दकया ह।ै
2. यह प्रमाजणत दकया िाता ह ै दक प्रस्ट्ताजित संिोधन को भूतलक्षी प्रभाि िेने स,े अंतरािष्ट्रीय जित्तीय सेिाएं केंर
प्राजधकरण के, पूिि या ितिमान, दकसी भी अध्यक्ष या पूणिकाजलक सिस्ट्य पर प्रजतकूल प्रभाि पड़ने की संभािना नहीं है ।
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 28th April, 2025
G.S.R. 264(E).— In exercise of the powers conferred by section 27 of the International Financial Services
Centres Authority Act, 2019 (50 of 2019), the Central Government hereby makes the following rules to amend
International Financial Services Centres Authority (Salary, Allowances and other Terms and Conditions of Service of
Chairperson and Members) Rules, 2020, namely: —
(1) These rules may be called the IFSCA (Salary, Allowances and other Terms and Conditions of Service of
Chairperson and Members) Amendment Rules, 2025.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the International Financial Services Centres Authority (Salary, Allowances and other Terms and Conditions of
Service of Chairperson and Members) Rules, 2020, in rule 7, —[भाग II—खण् ड 3(i)] भारत का रािपत्र : असाधारण 3
(i) in sub-rule (1), for the words, brackets and figures “rupees four lakh fifty thousand (Rs, 4,50,000)”,
the words “rupees five lakh sixty-two thousand and five hundred” shall be substituted;
(ii) in sub-rule (2), for the words, brackets and figures “rupees four lakh (Rs 4,00,000)”, the words “rupees
five lakh” shall be substituted;
(iii) after sub-rule (2), the following provisos shall be inserted, namely: —
“Provided that in respect of retired Government officers appointed as Chairperson or whole-time
Members, there shall be no-deduction of pension from the Consolidated salary:
Provided further that the Chairperson and whole-time Member shall be entitled to a salary under this
rule with effect from the 1st day of January 2024.”.
[F. No. 4/14/2024-IFSCA]
SURBHI JAIN, Jt. Secy.
Note. - The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i),
vide number G.S.R. 269(E), dated the 29th April, 2020.
EXPLANATORY MEMORANDUM
The above amendment to the Rules is given retrospective effect, as the Central Government had accorded approval
to the revised consolidated salary of Chairperson and Members of the International Financial Services Centres
Authority with effect from 1st January 2024 vide Department of Expenditure’s O.M. No. 14-04/2022-E.III.A dated
th
25 March, 2025.
2. It is certified that no Chairperson or whole-time Member, past or present, of the International Financial Services
Centres Authority is likely to be affected adversely by the proposed amendment being given with retrospective effect.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.