44A. Powers of Reserve Bank not to apply to International Financial Services Centre
44A. Powers of Reserve Bank not to apply to International Financial Services Centre.— Notwithstanding anything contained in any other law for the time being in force, the powers exercisable by the Reserve Bank under this Act,—
(a)
shall not extend to an International Financial Services Centre set up under sub-section (1) of section 18 of the Special Economic Zones Act, 2005 (28 of 2005);
(b)
shall be exercisable by the International Financial Services Centres Authority established under sub-section (1) of section 4 of the International Financial Services Centres Authority Act, 2019,
Amendment notes (1)
- Ins w.e.f. 1-10-2020 . Ins. by Act 50 of 2019, s. 33 and the second Schedule (w.e.f. 1-10-2020)