Legislation UpdatesStatutes/Bills/Ordinances

The International Financial Services Centres Authority Act, 2019 received President’s assent on 19-12-2019.

It is an Act to provide for the establishment of an Authority to develop and regulate the financial services market in the International Financial Services Centres in India and for matters connected therewith or incidental thereto.

This Act shall apply to the International Financial Services Centres set up under Section 18 of the Special Economiz Zones Act, 2005.

*Please refer to Act here: The International Financial Services Centres Authority Act, 2019.


Ministry of Law and Justice

[Notification dt. 20-12-2019]

Cabinet DecisionsLegislation Updates

The Union Cabinet, chaired by the Prime Minister Narendra Modi has approved promulgation of an Ordinance to amend the definition of “person”, as defined in sub-section (v) of Section 2 of the Special Economic Zones Act, 2005 (28 of2005) to include a trust, to enable the setting up of a unit in a Special Economic Zone by a trust, as also to provide flexibility to the Central Government to include in this definition of a person, any entity that the Central Government may notify from time to time.

Impact:

The present provision of the SEZs Act, 2005 do not permit ‘trusts’ to set up units in SEZs. The amendment will enable a trust to be considered for grant of permission to set up a unit in SEZs. The amendment will also provide flexibility to the Central Government to include in this definition of a person, any entity that the Central Government may notify from time to time. This will facilitate investments in Special Economic Zones.

[Press Release dt. 28-02-2019]

Cabinet