Home› India› Ministry of Finance› Notification under Section 5(1) of the International Financi...
Date: 24-Oct-2024 Category: Extra Ordinary State: Union Government Country: India

Notification under Section 5(1) of the International Financial Services Centres Authority Act, 2019.

Issued by Ministry of Finance · Department of Economic Affairs

Research with AI Agent Chat with Document Generate Summary Translate Helpful Share Add to Project Create Task

Executive Summary & Key Takeaways

What it means

  • This gazette notification, issued by the Ministry of Finance, Department of Economic Affairs, Government of India, amends a previous notification (S.O. 2527(E), dated 30th July 2020) related to the International Financial Services Centres Authority Act, 2019.

Key Changes

  • The amendment replaces the existing entry at serial number 1 in the original notification. The original notification listed a member of the International Financial Services Centres Authority. This amendment substitutes that member with Shri Rayasam Lakshmi Kanth Rao, Executive Director of the Reserve Bank of India.

Impact Analysis

Impact on the International Financial Services Centres Authority (IFSCA)

  • The IFSCA will now have Shri Rayasam Lakshmi Kanth Rao as a member. This change might influence decision-making processes and the overall direction of the IFSCA. Further analysis is required to understand the specific implications of this personnel change on IFSCA's policies and operations.

Impact on the Reserve Bank of India (RBI)

  • The RBI's involvement in IFSCA's governance increases through the appointment of Shri Rayasam Lakshmi Kanth Rao. This could lead to enhanced coordination and collaboration between the two institutions on matters related to financial regulation and the development of the International Financial Services Centres.

Impact on the Financial Sector

  • The change in membership could potentially influence regulatory decisions and policies impacting the financial sector, particularly within the International Financial Services Centres. The extent of this impact will depend on the specific roles and responsibilities of the new member.

Suggested Action Items

  • Review relevant IFSCA documents and policies to identify areas where this change might have a significant effect.

Key Entities Referenced

International Financial Services Centres Authority Act, 2019: The Act establishing the International Financial Services Centres Authority (IFSCA). International Financial Services Centres Authority (IFSCA): The regulatory authority for the International Financial Services Centres in India. Ministry of Finance, Department of Economic Affairs, Government of India: The issuing authority of the gazette notification. Reserve Bank of India (RBI): The central bank of India; Shri Rayasam Lakshmi Kanth Rao, its Executive Director, is now a member of the IFSCA. S.O. 2527(E), dated 30th July 2020: The principal notification amended by the current gazette notification. S.O. 57(E), dated 6th January 2021 and S.O. 2099(E), dated 1st June 2021: Previous amendments to the principal notification S.O. 2527(E).
Official Source Record View Original Source →
See Full Document Text
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-24102024-258205 CG-DxLx-xEG-I2D4H1x0x2x0 24-258205 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 4274] नई दिल्ली, बृहस्ट्प जतिार, अक्त ूबर 24, 2024/ कार्तकि 2, 1946 No. 4274] NEW DELHI, THURSDAY, OCTOBER 24, 2024/KARTIKA 2, 1946 जित्त मत्रं ालय (आर्थकि काय िजिभाग) (जित्तीय बािार प्रभाग) अजधसचू ना नई दिल्ली, 24 अक् तूबर, 2024 का.आ. 4648 (अ).—केन्‍द रीय सरकार, अतं रराष्ट्रीय जित्तीय सेिा केंर प्राजधकरण अजधजनयम 2019 (2019 की संख्या 50) की धारा 5 की उप-धारा (1), के खंड (ख) द्वारा प्रित्त िजियों का प्रयोग करत े हुए भारत सरकार, जित्त मंत्रालय, आर्थिक कायि जिभाग की अजधसूचना सं. का.आ. 2527(अ), दिनांक 30 िलु ाई, 2020 में एतद्द्वारा जनम्नजलजखत और संिोधन करती ह,ै अथाति ्:- उि अजधसूचना म,ें क्रम संख्या 1 के सामने, मौिूिा प्रजिजि के स्ट् थान पर, जनम्नजलजखत को प्रजतस्ट्थाजपत दकया िाएगा, अथाित:् - “श्री रायसम लक्ष्मी कांत राि, कायिपालक जनििे क, भारतीय ररिि िबैंक---------------------------सिस्ट् य।” [फा. सं. 3/4/ईएम/2020] सुरजभ िैन, संयुि सजचि 6926 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] फुट नोट: मुख्य अजधसूचना भारत के रािपत्र, असाधारण, भाग II, धारा 3, उप-धारा (ii) में का.आ. 2527(अ) दिनांक 30 िुलाई, 2020 के तहत प्रकाजित हुई और इसके उपरांत अजधसूचना संख्या का.आ. 57(अ) दिनांक 6 िनिरी, 2021 और का.आ. 2099(अ), दिनांक 1 िनू , 2021 के तहत संिोजधत की गई। MINISTRY OF FINANCE (Department of Economic Affairs) (FINANCIAL MARKET DIVISION) NOTIFICATION New Delhi, the 24th October, 2024 S.O. 4648(E).—In exercise of the powers conferred by clause (b) of sub- section (1) of section 5 of International Financial Services Centres Authority Act, 2019 (No. 50 of 2019), the Central Government hereby makes the following further amendment in the notification of the Government of India, Ministry of Finance, Department of Economic Affairs, number S.O. 2527(E) dated 30th July, 2020 namely: - In the said Notification, against serial number 1, for the existing entry, the following shall be substituted, namely :- “Shri Rayasam Lakshmi Kanth Rao, Executive Director, Reserve Bank of India ............................................................................ Member” [F. No. 3/4/EM/2020] SURBHI JAIN, Jt. Secy. Foot Note: The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Subsection (ii) vide S.O. 2527(E) dated the 30th July, 2020 and subsequently amended vide notification number, S.O. 57(E) dated 6th January, 2021 and S.O. 2099(E) dated 1st June, 2021. 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.

Continue your research

Related Documents from Ministry of Finance