{"id":262875,"date":"2022-03-01T14:30:14","date_gmt":"2022-03-01T09:00:14","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=262875"},"modified":"2022-03-01T12:27:01","modified_gmt":"2022-03-01T06:57:01","slug":"ifsca-notifies-rules-on-annual-report-and-returns-and-form-of-annual-statement","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/03\/01\/ifsca-notifies-rules-on-annual-report-and-returns-and-form-of-annual-statement\/","title":{"rendered":"IFSCA notifies Rules on Annual Report and Returns and Form of Annual Statement"},"content":{"rendered":"<p style=\"text-align: justify;\"><span id=\"page3R_mcid152\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">On February 28, 2022, the <\/span><span dir=\"ltr\" role=\"presentation\">Central Government notifies International Financial Services Centres Authority (Annual Report and Returns and Statements and Other Particulars) Rules, 2022 and <span id=\"page41R_mcid174\" class=\"markedContent\">International Financial Services Centres Authority (Form of Annual Statement of Accounts) Rules, 2022<\/span>.<br \/>\n<\/span><\/span><\/p>\n<h4 style=\"text-align: center;\"><strong><span id=\"page3R_mcid152\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">International Financial Services Centres Authority (Annual Report and Returns and Statements and Other Particulars) Rules, 2022<\/span><\/span><\/strong><\/h4>\n<h4 style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Key points:<\/span><\/h4>\n<ul style=\"text-align: justify;\">\n<li><span id=\"page8R_mcid7\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\"><strong>Form of annual report<\/strong>: T<\/span><span dir=\"ltr\" role=\"presentation\">he Authority shall prepare its annual report, giving true and full accounts of <\/span><span dir=\"ltr\" role=\"presentation\">its activities, policies and programmes, during the previous financial year in the Form annexed to these <\/span><span dir=\"ltr\" role=\"presentation\">rules.<\/span><\/span><\/li>\n<li><span id=\"page8R_mcid8\" class=\"markedContent\"><strong><span dir=\"ltr\" role=\"presentation\">Submission of annual report-<\/span><\/strong> <span dir=\"ltr\" role=\"presentation\">The Authority shall submit a copy of the annual report <\/span><span dir=\"ltr\" role=\"presentation\">to the Central Government within a period of ninety days after the end of every financial year.<\/span><\/span><span id=\"page8R_mcid9\" class=\"markedContent\"><\/span><\/li>\n<li><span id=\"page8R_mcid9\" class=\"markedContent\"><strong><span dir=\"ltr\" role=\"presentation\">Furnishing of returns and statements and other particulars<\/span><\/strong><span dir=\"ltr\" role=\"presentation\">&#8211; The Authority shall<\/span><\/span><span id=\"page8R_mcid10\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">furnish to the <\/span><\/span><span id=\"page8R_mcid11\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Central Government<\/span><\/span><span id=\"page8R_mcid12\" class=\"markedContent\"> <\/span><span id=\"page8R_mcid14\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/li>\n<\/ul>\n<ol style=\"text-align: justify;\">\n<li style=\"list-style-type: none;\">\n<ol>\n<li style=\"text-align: justify;\"><span id=\"page8R_mcid14\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">monthly updated status on the development and regulation of the financial products, financial services<\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">and financial institutions in the International Financial Services Centres;<\/span><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page8R_mcid15\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">monthly updated status on a scheme or project or event that has received assistance or support from the<\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">Central Government<\/span><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page8R_mcid16\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">report or statement or information on any other item as may be required by the Central Government.<\/span><\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p style=\"text-align: justify;\">\n<p style=\"text-align: center;\"><strong><span id=\"page3R_mcid152\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\"><span id=\"page41R_mcid174\" class=\"markedContent\">International Financial Services Centres Authority (Form of Annual Statement of Accounts) Rules, 2022<\/span><\/span><\/span><\/strong><\/p>\n<h4 style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Key points:<\/span><\/h4>\n<ul style=\"text-align: justify;\">\n<li><span id=\"page43R_mcid3\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\"><strong>Maintenance of accounts and records<\/strong>.-<\/span> <span dir=\"ltr\" role=\"presentation\">The Authority shall maintain its accounts and records in <\/span><span dir=\"ltr\" role=\"presentation\">the Form of financial statements annexed to these rules, comprising of <\/span><\/span><span id=\"page43R_mcid4\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Balance sheet in Form A<\/span><\/span><span id=\"page43R_mcid5\" class=\"markedContent\">; <span dir=\"ltr\" role=\"presentation\">Income and expenditure account in Form B and <\/span><\/span><span id=\"page43R_mcid6\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Receipt and payment accounts in Form C.<br \/>\n<\/span><\/span><span id=\"page43R_mcid7\" class=\"markedContent\"><\/span><span id=\"page43R_mcid8\" class=\"markedContent\"><\/span><\/li>\n<li><span id=\"page43R_mcid8\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\"><strong>Preparation and submission of financial statement of Authority<\/strong>:<\/span><\/span><\/li>\n<\/ul>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li style=\"text-align: justify;\"><span id=\"page43R_mcid8\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The Authority shall prepare its <\/span><span dir=\"ltr\" role=\"presentation\">financial statements and significant accounting policies as per the Forms and Schedules.<\/span><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page43R_mcid9\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The annual financial statements of the Authority, duly authenticated by the executive director in- <\/span><span dir=\"ltr\" role=\"presentation\">charge of Finance Accounts Department of the Authority, Chairperson of the Audit Committee of<\/span> <span dir=\"ltr\" role=\"presentation\">the <\/span><span dir=\"ltr\" role=\"presentation\">Authority and the Chairperson and approved by the Authority shall be forwarded to the Comptroller and <\/span><span dir=\"ltr\" role=\"presentation\">Auditor General of India, for the purposes of audit, within a period of three months of the end of the <\/span><span dir=\"ltr\" role=\"presentation\">financial year.<\/span><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page43R_mcid10\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The Authority shall preserve the financial statements prepared under these rules for a minimum <\/span><span dir=\"ltr\" role=\"presentation\">period of five years.<\/span><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page43R_mcid11\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The duly audited annual financial statements of the Authority as certified by the Comptroller and <\/span><span dir=\"ltr\" role=\"presentation\">Auditor General of India together with the audit report thereon shall be forwarded by the Chairperson for <\/span><span dir=\"ltr\" role=\"presentation\">every financial year to the Central Government for laying before each House of Parliament.<br \/>\n<\/span><\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>On February 28, 2022, the Central Government notifies International Financial Services Centres Authority (Annual Report and Returns and Statements and Other Particulars) <\/p>\n","protected":false},"author":8808,"featured_media":248110,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[17511,47100,44463],"class_list":["post-262875","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations","tag-annual-returns","tag-forms","tag-ifsca"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ 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Service of Chairperson and Members) Amendment Rules, 2022 The Central Government notifies National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Amendment Rules, 2022\u2026","rel":"","context":"In &quot;Legal RoundUp&quot;","block_context":{"text":"Legal RoundUp","link":"https:\/\/www.scconline.com\/blog\/post\/category\/columns-for-roundup\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-125.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-125.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-125.jpg?resize=525%2C300&ssl=1 1.5x, 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