{"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":"

On February 28, 2022, the <\/span>Central Government notifies International Financial Services Centres Authority (Annual Report and Returns and Statements and Other Particulars) Rules, 2022 and International Financial Services Centres Authority (Form of Annual Statement of Accounts) Rules, 2022<\/span>.
\n<\/span><\/span><\/p>\n

International Financial Services Centres Authority (Annual Report and Returns and Statements and Other Particulars) Rules, 2022<\/span><\/span><\/strong><\/h4>\n

Key points:<\/span><\/h4>\n
    \n
  • Form of annual report<\/strong>: T<\/span>he Authority shall prepare its annual report, giving true and full accounts of <\/span>its activities, policies and programmes, during the previous financial year in the Form annexed to these <\/span>rules.<\/span><\/span><\/li>\n
  • Submission of annual report-<\/span><\/strong> The Authority shall submit a copy of the annual report <\/span>to the Central Government within a period of ninety days after the end of every financial year.<\/span><\/span><\/span><\/li>\n
  • Furnishing of returns and statements and other particulars<\/span><\/strong>– The Authority shall<\/span><\/span> furnish to the <\/span><\/span>Central Government<\/span><\/span> <\/span>
    <\/span><\/li>\n<\/ul>\n
      \n
    1. \n
        \n
      1. monthly updated status on the development and regulation of the financial products, financial services<\/span>
        and financial institutions in the International Financial Services Centres;<\/span><\/span><\/li>\n
      2. monthly updated status on a scheme or project or event that has received assistance or support from the<\/span>
        Central Government<\/span><\/span><\/li>\n
      3. 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

        \n

        International Financial Services Centres Authority (Form of Annual Statement of Accounts) Rules, 2022<\/span><\/span><\/span><\/strong><\/p>\n

        Key points:<\/span><\/h4>\n
          \n
        • Maintenance of accounts and records<\/strong>.-<\/span> The Authority shall maintain its accounts and records in <\/span>the Form of financial statements annexed to these rules, comprising of <\/span><\/span>Balance sheet in Form A<\/span><\/span>; Income and expenditure account in Form B and <\/span><\/span>Receipt and payment accounts in Form C.
          \n<\/span><\/span><\/span><\/span><\/li>\n
        • Preparation and submission of financial statement of Authority<\/strong>:<\/span><\/span><\/li>\n<\/ul>\n
            \n
          1. \n
              \n
            1. The Authority shall prepare its <\/span>financial statements and significant accounting policies as per the Forms and Schedules.<\/span><\/span><\/li>\n
            2. The annual financial statements of the Authority, duly authenticated by the executive director in- <\/span>charge of Finance Accounts Department of the Authority, Chairperson of the Audit Committee of<\/span> the <\/span>Authority and the Chairperson and approved by the Authority shall be forwarded to the Comptroller and <\/span>Auditor General of India, for the purposes of audit, within a period of three months of the end of the <\/span>financial year.<\/span><\/span><\/li>\n
            3. The Authority shall preserve the financial statements prepared under these rules for a minimum <\/span>period of five years.<\/span><\/span><\/li>\n
            4. The duly audited annual financial statements of the Authority as certified by the Comptroller and <\/span>Auditor General of India together with the audit report thereon shall be forwarded by the Chairperson for <\/span>every financial year to the Central Government for laying before each House of Parliament.
              \n<\/span><\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

              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":"\nIFSCA notifies Rules on Annual Report and Returns and Form of Annual Statement | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2022\/03\/01\/ifsca-notifies-rules-on-annual-report-and-returns-and-form-of-annual-statement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IFSCA notifies Rules on Annual Report and Returns and Form of Annual Statement\" \/>\n<meta property=\"og:description\" content=\"On February 28, 2022, the Central Government notifies International Financial Services Centres Authority (Annual Report and Returns and Statements and Other Particulars)\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.scconline.com\/blog\/post\/2022\/03\/01\/ifsca-notifies-rules-on-annual-report-and-returns-and-form-of-annual-statement\/\" \/>\n<meta property=\"og:site_name\" content=\"SCC Times\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/scc.online\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-01T09:00:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1330\" \/>\n\t<meta property=\"og:image:height\" content=\"887\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Bhumika Indulia\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Bhumika Indulia\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2022\\\/03\\\/01\\\/ifsca-notifies-rules-on-annual-report-and-returns-and-form-of-annual-statement\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2022\\\/03\\\/01\\\/ifsca-notifies-rules-on-annual-report-and-returns-and-form-of-annual-statement\\\/\"},\"author\":{\"name\":\"Bhumika Indulia\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#\\\/schema\\\/person\\\/919ec47cc1b871b362af05740398033a\"},\"headline\":\"IFSCA notifies Rules on Annual Report and Returns and Form of Annual Statement\",\"datePublished\":\"2022-03-01T09:00:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2022\\\/03\\\/01\\\/ifsca-notifies-rules-on-annual-report-and-returns-and-form-of-annual-statement\\\/\"},\"wordCount\":423,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2022\\\/03\\\/01\\\/ifsca-notifies-rules-on-annual-report-and-returns-and-form-of-annual-statement\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/IFSCA1.jpg\",\"keywords\":[\"Annual Returns\",\"Forms\",\"IFSCA\"],\"articleSection\":[\"Legislation Updates\",\"Rules & Regulations\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2022\\\/03\\\/01\\\/ifsca-notifies-rules-on-annual-report-and-returns-and-form-of-annual-statement\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2022\\\/03\\\/01\\\/ifsca-notifies-rules-on-annual-report-and-returns-and-form-of-annual-statement\\\/\",\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2022\\\/03\\\/01\\\/ifsca-notifies-rules-on-annual-report-and-returns-and-form-of-annual-statement\\\/\",\"name\":\"IFSCA notifies Rules on Annual Report and Returns and Form of Annual Statement | SCC Times\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2022\\\/03\\\/01\\\/ifsca-notifies-rules-on-annual-report-and-returns-and-form-of-annual-statement\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2022\\\/03\\\/01\\\/ifsca-notifies-rules-on-annual-report-and-returns-and-form-of-annual-statement\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/IFSCA1.jpg\",\"datePublished\":\"2022-03-01T09:00:14+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#\\\/schema\\\/person\\\/919ec47cc1b871b362af05740398033a\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2022\\\/03\\\/01\\\/ifsca-notifies-rules-on-annual-report-and-returns-and-form-of-annual-statement\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2022\\\/03\\\/01\\\/ifsca-notifies-rules-on-annual-report-and-returns-and-form-of-annual-statement\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2022\\\/03\\\/01\\\/ifsca-notifies-rules-on-annual-report-and-returns-and-form-of-annual-statement\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/IFSCA1.jpg\",\"contentUrl\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/IFSCA1.jpg\",\"width\":1330,\"height\":887},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2022\\\/03\\\/01\\\/ifsca-notifies-rules-on-annual-report-and-returns-and-form-of-annual-statement\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"IFSCA notifies Rules on Annual Report and Returns and Form of Annual Statement\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/\",\"name\":\"SCC Times\",\"description\":\"Bringing you the Best Analytical Legal News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#\\\/schema\\\/person\\\/919ec47cc1b871b362af05740398033a\",\"name\":\"Bhumika Indulia\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/84c1b51748d0297cf12e5a898eccb7bd3eb5f0ab4ae8e275e2e65c4c83f84740?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/84c1b51748d0297cf12e5a898eccb7bd3eb5f0ab4ae8e275e2e65c4c83f84740?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/84c1b51748d0297cf12e5a898eccb7bd3eb5f0ab4ae8e275e2e65c4c83f84740?s=96&d=mm&r=g\",\"caption\":\"Bhumika Indulia\"},\"url\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/author\\\/editor_1\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"IFSCA notifies Rules on Annual Report and Returns and Form of Annual Statement | SCC Times","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.scconline.com\/blog\/post\/2022\/03\/01\/ifsca-notifies-rules-on-annual-report-and-returns-and-form-of-annual-statement\/","og_locale":"en_US","og_type":"article","og_title":"IFSCA notifies Rules on Annual Report and Returns and Form of Annual Statement","og_description":"On February 28, 2022, the Central Government notifies International Financial Services Centres Authority (Annual Report and Returns and Statements and Other Particulars)","og_url":"https:\/\/www.scconline.com\/blog\/post\/2022\/03\/01\/ifsca-notifies-rules-on-annual-report-and-returns-and-form-of-annual-statement\/","og_site_name":"SCC Times","article_publisher":"https:\/\/www.facebook.com\/scc.online\/","article_published_time":"2022-03-01T09:00:14+00:00","og_image":[{"width":1330,"height":887,"url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg","type":"image\/jpeg"}],"author":"Bhumika Indulia","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Bhumika Indulia","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.scconline.com\/blog\/post\/2022\/03\/01\/ifsca-notifies-rules-on-annual-report-and-returns-and-form-of-annual-statement\/#article","isPartOf":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2022\/03\/01\/ifsca-notifies-rules-on-annual-report-and-returns-and-form-of-annual-statement\/"},"author":{"name":"Bhumika Indulia","@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/919ec47cc1b871b362af05740398033a"},"headline":"IFSCA notifies Rules on Annual Report and Returns and Form of Annual Statement","datePublished":"2022-03-01T09:00:14+00:00","mainEntityOfPage":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2022\/03\/01\/ifsca-notifies-rules-on-annual-report-and-returns-and-form-of-annual-statement\/"},"wordCount":423,"commentCount":0,"image":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2022\/03\/01\/ifsca-notifies-rules-on-annual-report-and-returns-and-form-of-annual-statement\/#primaryimage"},"thumbnailUrl":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg","keywords":["Annual Returns","Forms","IFSCA"],"articleSection":["Legislation Updates","Rules & Regulations"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.scconline.com\/blog\/post\/2022\/03\/01\/ifsca-notifies-rules-on-annual-report-and-returns-and-form-of-annual-statement\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.scconline.com\/blog\/post\/2022\/03\/01\/ifsca-notifies-rules-on-annual-report-and-returns-and-form-of-annual-statement\/","url":"https:\/\/www.scconline.com\/blog\/post\/2022\/03\/01\/ifsca-notifies-rules-on-annual-report-and-returns-and-form-of-annual-statement\/","name":"IFSCA notifies Rules on Annual Report and Returns and Form of Annual Statement | SCC Times","isPartOf":{"@id":"https:\/\/www.scconline.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2022\/03\/01\/ifsca-notifies-rules-on-annual-report-and-returns-and-form-of-annual-statement\/#primaryimage"},"image":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2022\/03\/01\/ifsca-notifies-rules-on-annual-report-and-returns-and-form-of-annual-statement\/#primaryimage"},"thumbnailUrl":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg","datePublished":"2022-03-01T09:00:14+00:00","author":{"@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/919ec47cc1b871b362af05740398033a"},"breadcrumb":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2022\/03\/01\/ifsca-notifies-rules-on-annual-report-and-returns-and-form-of-annual-statement\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.scconline.com\/blog\/post\/2022\/03\/01\/ifsca-notifies-rules-on-annual-report-and-returns-and-form-of-annual-statement\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.scconline.com\/blog\/post\/2022\/03\/01\/ifsca-notifies-rules-on-annual-report-and-returns-and-form-of-annual-statement\/#primaryimage","url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg","contentUrl":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg","width":1330,"height":887},{"@type":"BreadcrumbList","@id":"https:\/\/www.scconline.com\/blog\/post\/2022\/03\/01\/ifsca-notifies-rules-on-annual-report-and-returns-and-form-of-annual-statement\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.scconline.com\/blog\/"},{"@type":"ListItem","position":2,"name":"IFSCA notifies Rules on Annual Report and Returns and Form of Annual Statement"}]},{"@type":"WebSite","@id":"https:\/\/www.scconline.com\/blog\/#website","url":"https:\/\/www.scconline.com\/blog\/","name":"SCC Times","description":"Bringing you the Best Analytical Legal News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.scconline.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/919ec47cc1b871b362af05740398033a","name":"Bhumika Indulia","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/84c1b51748d0297cf12e5a898eccb7bd3eb5f0ab4ae8e275e2e65c4c83f84740?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/84c1b51748d0297cf12e5a898eccb7bd3eb5f0ab4ae8e275e2e65c4c83f84740?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/84c1b51748d0297cf12e5a898eccb7bd3eb5f0ab4ae8e275e2e65c4c83f84740?s=96&d=mm&r=g","caption":"Bhumika Indulia"},"url":"https:\/\/www.scconline.com\/blog\/post\/author\/editor_1\/"}]}},"jetpack_featured_media_url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/262875","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=262875"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/262875\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/248110"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=262875"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=262875"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=262875"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}