2157

Panaji, 18th March, 2021 (Phalguna 27, 1942)

SERIES I No. 51

Reg. No. RNP/GOA/32/2021-2023

RNI No. GOAENG/2002/6410

PUBLISHED BY AUTHORITY

NOTES

There are three Extraordinary issues to the Official Gazette, Series I No. 50 dated 11-3-2021, namely:—

(1) Extraordinary dated 11-3-2021 from pages 2143 to 2152, Notifications from Department of Finance regarding

Weekly Lottery Scheme.

(2) Extraordinary (No. 2) dated 12-3-2021 from pages 2153 to 2154, Notification No. 5/7/2020-Fin(DMU)/193 from

Department of Finance regarding Market Borrowing Programme of State Government.

(3) Extraordinary (No. 3) dated 15-3-2021 from pages 2155 to 2156 from Department of Finance regarding GST.

INDEX

Department

Notification

Subject

Pages

Finance

Not.-5/8/2019-Fin(R&C)/

Fixation of date for Departmental Examination

2157

Under Secretary

/1145

of State Tax Officer.

Law

Not.- 10/4/2019-LA

The International Financial Services Centres

2158

Legal Affairs

Authority Act, 2019.

Joint Secy.

Public Works

Not.- 8-4/CE-PWD-Accts/

Extension of validity period for Dues Recovery

2172

Principal Chief Engineer

2020-21/2069

and Settlement Scheme, 2020-21.

Revenue

Not.- 16/8/3/2018/Rev-I/7941 Date of effect to the Goa Land Revenue Code

2173

Under Secretary

(Amendment) Act, 2021.

Government Ptg. Press

—

Subscription Rates.

2173

Suggestions are welcomed on e-mail: dir–[email protected]

GOVERNMENT OF GOA

Department of Finance

Revenue & Control Division

Notification

5/8/2019-Fin(R&C)/1145

In pursuance of Rule 2 and 9 of the

Departmental

Examination

Rules

published in the Official Gazette, Series I

No. 5 dated 03-05-2018 vide Notification

No. 6/17/83-Fin(R&C)/847 dated 24-04-2018,

Government is pleased to notify 26th April to

29th April, 2021, as the dates on which the

Departmental Examination for the category

of State Tax Officer, shall be held.

The place, time and details of the

Examination programme will be notified

separately.

By order and in the name of the

Governor of Goa.

Pranab G. Bhat, Under Secretary, Finance

(R&C).

Porvorim, 9th March, 2021.

OFFICIAL GAZETTE — GOVT. OF GOA

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Department of Law

Legal Affairs Division

Notification

10/4/2019-LA

The International Financial Services

Centres Authority Act, 2019 (Central Act

No. 50 of 2019), which has been passed by

Parliament and assented to by the President

on 19-12-2019 and published in the Gazette

of India, Extraordinary, Part II, Section I, dated

20-12-2019, is hereby published for the

general information of the public.

D. S. Raut Dessai, Joint Secretary (Law).

Porvorim, 21st May, 2020.

______

THE INTERNATIONAL FINANCIAL

SERVICES CENTRES AUTHORITY ACT,

2019

Arrangement of Section

CHAPTER I

Preliminary

Sections

1. Short title and commencement.

2. Application.

3. Definitions.

CHAPTER II

Establishment of Authority

4. Establishment and incorporation of Authority.

5. Composition of Authority.

6. Terms of office and conditions of service of

Chairperson and other Members.

7. Removal of Member from office.

8. Meetings of Authority.

9. Vacancies, etc., not to invalidate proceedings

of Authority.

10. Administrative powers of Chairperson.

11. Officers and other employees of Authority.

CHAPTER III

Powers and Functions of Authority

12. Functions of Authority.

13. Powers of Authority in relation to financial

products, financial services and financial

institutions.

CHAPTER IV

Finance, Accounts and Audit

14. Grants by Central Government.

15. Fund of Authority.

16. Accounts and audit.

17. Performance Review Committee.

18. Maintenance of website.

19. Returns and reports.

CHAPTER V

Foreign Exchange Transactions

20. Transactions in foreign currency.

CHAPTER VI

Miscellaneous

21. Power to issue directions.

22. Power of Central Government to supersede

Authhority.

23. Delegation of powers.

24. Members, officers and employees of Authority

to be public servants.

25. Protection of action taken in good faith.

26. Exemption from tax.

27. Power to make rules.

28. Power to make regulations.

29. Rules and regulations to be laid before

Parliament.

30. Overriding effect.

31. Power to modify provisions of other

enactments in relation to International

Financial Services Centres.

32. Power to remove difficulties.

33. Amendment to certain enactments.

34. Savings.

The First Schedule.

The Second Schedule.

_________

THE INTERNATIONAL FINANCIAL

SERVICES CENTRES AUTHORITY ACT,

2019

ACT

to provide for the establishment of an

Authority to develop and regulate the

financial

services

market

the

International Financial Services Centres in

India and for matters connected therewith

or incidental thereto.

OFFICIAL GAZETTE — GOVT. OF GOA

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Be it enacted by Parliament in the

Seventieth Year of the Republic of India as

follows:—

CHAPTER I

Preliminary

1. Short title and commencement.— (1) This

Act may be called the International Financial

Services Centres Authority Act, 2019.

(2) It shall come into force on such date as

the Central Government may, by notification

in the Official Gazette, appoint; and different

dates may be appointed for different

provisions of this Act, and any reference in

any provision to the commencement of this

Act shall be construed as a reference to the

coming into force of that provision.

2. Application.— This Act shall

apply to the International Financial

Services Centres set up under

section 18 of the Special Economic

Zones Act, 2005.

3. Definitions.— (1) In this Act, unless the

context otherwise requires,—

(a) “Appropriate regulator” means any

financial sector regulator specified in the

First schedule to this Act;

(b) “Authority” means the International

Financial Services Centres Authority

established under sub-section (1) of section

set up in an International Financial Services

Centre and which is engaged in rendering

financial services in respect of any financial

product;

(d) “financial product” means—

(i) securities;

(ii) contracts of insurance;

(iii) deposits;

(iv) credit arrangements;

(v) foreign currency contracts other

than contracts to exchange one currency

for another that are to be settled

immediately; and

(vi) any other product or instrument

that may be notified by the Central

Government from time to time.

(e) “financial service” means—

(i) buying, selling, or subscribing to a

financial product or agreeing to do so;

(ii) acceptance of deposits;

(iii) safeguarding and administering

assets consisting of financial products,

belonging to another person, or agreeing

to do so;

(iv) effecting contracts of insurance;

(v) offering, managing or agreeing to

manage assets consisting of financial

products belonging to another person;

(vi) exercising any right associated

with a financial product or financial

service;

(vii) establishing or operating an

investment scheme;

(viii) maintaining or transferring

records of ownership of a financial

product;

(ix) underwriting the issuance or

subscription of a financial product;

(x) providing information about a

person’s

financial

standing

creditworthiness;

(xi) selling, providing, or issuing stored

value or payment instruments or

providing payment services;

(xii) making arrangements for carrying

on any of the services in sub-clauses (i)

to (xi);

(xiii) rendering or agreeing to render

advice on or soliciting for the purposes

of—

(A) buying, selling, or subscribing

to, a financial product; or

28 of 2005.

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(B) availing any of the services in

sub-clauses (i) to (xi); or

with a financial product or any of the

services in clauses (i) to (xi);

(xiv) any other service that may be

notified by the Central Government from

time to time;

(f) “foreign currency” shall

have the meaning assigned to it

in clause (m) of section 2 of the

Foreign Exchange Management

Act, 1999;

(g) “International Financial

Services Centre” means an

International Financial Services

Centre set up, before or after the

commencement of this Act,

under section 18 of the Special

Economic Zones Act, 2005;

(h) “Member” means a Member of the

Authority and includes the Chairperson;

(i) “notification” means a notification

published in the Official Gazette, and the

expressions “notified” and “notify” shall

be construed accordingly;

(j) “prescribed” means prescribed by

rules made by the Central Government

under this Act;

(k) “regulations” means the regulations

made by the Authority under this Act.

(2) Words and expressions used and not

defined in this Act but defined in the Acts

specified under column (3) of the First

Schedule to this Act shall have the meanings

respectively assigned to them in those Acts.

CHAPTER II

Establishment of Authority

4. Establishment and incorporation of

Authority.—(1) The Central Government shall,

by notification, for the purposes of this Act,

establish an Authority by the name of the

International Financial Services Centres

Authority.

(2) The Authority shall be a body corporate

having perpetual succession and a common

seal, and subject to the provisions of this Act,

with power to enter into and execute

contracts, acquire, hold and dispose of

property, both movable and immovable, and

shall, by the said name, sue and be sued.

(3) The head office of the Authority shall

be at such place as the Central Government

may, by notification, decide.

(4) The Authority may, with the prior

approval of the Central Government, establish

its offices at other places in India or outside

India.

5. Composition of Authority.— (1) The

Authority shall consist of the following

Members, to be appointed by the Central

Government, namely:—

(a) a Chairperson;

(b) one Member each to be nominated

by—

(i) the Reserve Bank of India, ex officio;

(ii) the Securities and Exchange Board

of India, ex officio;

(iii) the Insurance Regulatory and

Development Authority of India, ex

officio; and

(iv) the Pension Fund Regulatory and

Development Authority, ex officio;

officials of the Ministry dealing with

Finance, to be nominated by the Central

Government, ex officio; and

(d) two other Members to be appointed

by the Central Government on the

recommen-dation of a Selection Committee.

(2) The Chairperson shall be a whole-time

Member and other Members referred to in

clause (d) of sub-section (l) may be appointed

as whole-time or part-time Members as the

Central Government may deem fit.

42 of 1999.

28 of 2005.

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(3) The Members shall be persons of ability,

integrity and standing who have shown

capacity in dealing with matters relating to

financial sectors or have special knowledge

or experience of law, finance, economics,

accountancy, administration or in any other

discipline which in the opinion of the Central

Government, shall be useful to the Authority.

(4) The Selection Committee referred to in

clause (d) of sub-section (1) shall consist of

such Members and constituted by the Central

Government in such manner as may be

prescribed.

6. Terms of office and conditions of service

of Chairperson and other Members.— (1) The

Chairperson and a Member shall hold office

for a term of three years from the date on

which he enters upon his office and shall be

eligible for re-appointment:

Provided that no person shall hold office

as a Chairperson after he has attained the

age of sixty-five years or as a whole-time

member after he has attained the age of sixty-

two years.

(2) The salaries and allowances payable

to, and other terms and conditions of service

of, the Members, other than ex officio

Members, shall be such as may be

prescribed.

(3) Notwithstanding anything in sub-

section (1), a Member may—

(a) resign from his office by giving in

writing to the Central Government a notice

of not less than three months; or

(b) be removed from his office in

accordance with the provisions of section

(4) No Member, other than ex officio

Member, shall, for a period of two years from

the date on which they cease to hold office

as such, except with the previous approval

of the Central Government, accept—

(a) any employment either under the

Central Government or under any State

Government; or

(b) appointment in any financial

institution in the International Financial

Services Centres.

7. Removal of Member from office.— The

Central Government may remove from office

a Member, who—

(a) is, or at any time has been, adjudged

as insolvent; or

(b) has become physically or mentally

incapable of acting as a Member; or

which in the opinion of the Central

Government involves moral turpitude; or

(d) has acquired such financial or other

interest as is likely to affect prejudicially

his functions as a Member; or

(e) has so abused his position so as to

render his continuance in office detrimental

to public interest:

Provided that no Member shall be removed

from office under clause (d) or clause (e)

unless he has been given a reasonable

opportunity of being heard in the matter.

8. Meeting of Authority.— (1) The Authority

shall meet at such times and places, and shall

observe such rules of procedure in regard to

the transaction of business at its meetings

(including quorum at such meetings) as may

be specified by regulations.

(2) The Chairperson, if for any reason, he

is unable to attend a meeting of the Authority,

any other Member chosen by the Members

present from amongst themselves at the

meeting shall preside at the meeting.

(3) All questions which come up before any

meeting of the Authority shall be decided by

a majority of votes of the Members present

and voting, and, in the event of an equality of

votes, the Chairperson, or in his absence, the

person presiding, shall have a casting vote.

(4) Any Member who has any direct or

indirect interest in any matter likely to come

up for consideration at a meeting of the

Authority shall, as soon as possible after the

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relevant circumstances have come to his

knowledge, disclose in writing, the nature of

his interest at such meeting and such

disclosure shall be recorded in the

proceedings of the Authority and such

Member shall not take part in any

deliberation or decision of the Authority with

respect to that matter.

9. Vacancies, etc., not to invalidate

proceedings of Authority.— No act or

proceeding of the Authority shall be invalid

merely by reason of,—

(a) any vacancy or defect, in the

constitution of the Authority; or

(b) any defect in the appointment of a

person as a Member of the Authority.

10. Administrative powers of Chair-

person.— The Chairperson shall have the

powers of general superintendence and

direction in respect of all administrative

matters of the Authority.

11. Officers and other employees of

Authority.— (1) The Authority may appoint

such officers and other employees as it

considers necessary for the efficient

discharge of its functions under this Act.

(2) The salaries and allowances payable

to, and other terms and conditions of service

of, officers and other employees of the

Authority appointed under sub-section (1)

shall be such as may be specified by

regulations.

CHAPTER III

Powers and Functions of Authority

12. Functions of Authority.— (1) Subject to

the provisions of this Act, it shall be the duty

of the Authority to develop and regulate the

financial products, financial services and

financial institutions in the International

Financial Services Centres, by such measures

as it deems fit.

(2) Without prejudice to the generality of

the provisions in sub-section (1), the powers

and functions of the Authority shall include—

(a) regulating the financial products,

financial services and financial institutions

in an International Financial Services

Centre which have been permitted, before

the commencement of this Act, by any

regulator for any International Financial

Services Centre;

(b) regulating such other financial

products, financial services or financial

institutions in the International Financial

Services Centres as may be notified by the

Central Government from time to time;

Government such other financial products,

financial services and financial institutions

which may be permitted in an International

Financial Services Centre by the Central

Government;

(d) perform such other functions as may

be prescribed.

13. Powers of Authority in relation to

financial products, financial services and

financial institutions.— (1) Notwithstanding

anything contained in any other law for the

time being in force, all powers exercisable

by an appropriate regulator, specified under

column (2) of the First Schedule, under the

respective Acts as specified in the

corresponding entry under column (3) of the

said Schedule shall, in the International

Financial Services Centres, be exercised by

the Authority in so far as it relates to the

regulation of the financial products, financial

services or financial institutions, as the case

may be.

(2) The Central Government may, by

notification, amend the First Schedule by

including therein any financial sector

regulator and the law administered by it, or

omitting therefrom any financial sector

regulator or any law specified therein, and

on the publication of such notification, such

regulator and the law shall be deemed to be

included in, or omitted from, the First

Schedule.

(3) Every notification issued under sub-

section (2) shall be laid before each House of

Parliament.

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(4) For the purposes of sub-section (1), the

provisions of the respective Acts specified

under column (3) of the First Schedule relating

to—

(a) the manner of filing an application

for recognition or registration or withdrawal

of recognition or registration or furnishing

of information or reports;

(b) the procedure of inspection,

investigation or prosecution of offences,

settlement of civil and administrative

proceedings, compounding or adjudication

of any offence or penalty, or actions to be

taken in furtherance of such inspection,

investigation, or adjudication or filing of

appeals arising therefrom;

the case may be, of any fee or fine or

penalty or any other sum of amount or

punishment for the contravention of any

provisions of respective Acts specified in

the First Schedule and recovery of such

fine or penalty,

shall, mutatis mutandis, apply to financial

products, financial services and financial

institutions under this Act, as they apply to

the financial products, financial services and

financial institutions under such respective

Acts.

(5) The penalties, fines, fees and settlement

amounts shall be collected or realised in the

foreign currency equivalent of the penalty or

fine imposed.

Explanation.— The rate of exchange for

computing the foreign currency equivalent

to Indian rupees shall be such as are as

notified by the Reserve Bank of India on the

date of the order imposing the penalty or fine,

as the case may be.

(6) All sums realised by way of penalties

or fines under this Act shall be credited to

the Consolidated Fund of India in Indian

rupees.

(7) The Authority may, in addition to the

above, specify by regulations the manner in

which the functions may be performed by

the Authority for carrying out the provisions

of this section.

CHAPTER IV

Finance, Accounts and Audit

14. Grants by Central Government.— The

Central Government may, after due

appropriation made by Parliament by law in

this behalf; make to the Authority grants of

such sums of money as the Central

Government may think fit for being utilised

for the purposes of this Act.

15. Fund of Authority.— (1) There shall be

constituted a Fund to be called the

International Financial Services Centres

Authority Fund and there shall be credited

thereto—

(a) all grants, fees and charges received

by the Authority under this Act; and

(b) all sums received by the Authority

from the sources as may be decided upon

by the Central Government.

(2) The Fund shall be applied for meeting—

(a) the salaries, allowances and other

remuneration of Members, officers and

other employees of the Authority; and

(b) other expenses incurred by the

Authority in connection with the discharge

of its functions and for the purposes of this

Act.

16. Accounts and audit.— (1) The Authority

shall maintain proper accounts and other

relevant records and prepare an annual

statement of accounts in such form as may

be prescribed by the Central Government in

consultation with the Comptroller and

Auditor-General of India.

(2) The accounts of the Authority shall be

audited by the Comptroller and Auditor-

General of India at such intervals as may be

specified by him and any expenditure

incurred in connection with such audit shall

be payable by the Authority to the

Comptroller and Auditor-General of India.

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(3) The Comptroller and Auditor-General

of India and any other person appointed by

him in connection with the audit of the

accounts of the Authority shall have the same

rights and privileges and authority in

connection with such audit as the Comptroller

and Auditor-General of India generally has

in connection with the audit of the

Government accounts and, in particular, shall

have the right to demand the production of

books, accounts, connected vouchers and

other documents and papers and to inspect

any of the offices of the Authority.

(4) The accounts of the Authority as

certified by the Comptroller and Auditor-

General of India or any other person

appointed by him in this behalf together with

the audit report thereon shall be forwarded

annually to the Central Government and that

Government shall cause the same to be laid

before each House of Parliament.

17. Performance Review Committee.— (1)

The Authority shall constitute a Performance

Review Committee, consisting of at least two

Members of the Authority to review the

functioning of the Authority, whether—

(a) it has adhered to the provisions of

the applicable laws while exercising

powers or performing functions under this

Act;

(b) the regulations made by the Authority

to give effect to the provisions of this Act

promote transparency and best practices

of governance; and

functioning in a reasonable manner.

(2) The Performance Review Committee

shall make the review under sub-section (1)

at least once in every financial year, and

submit a report of its findings to the Authority

which shall forward a copy thereof along with

action taken, if any, pursuant to such report

to the Central Government within a period of

three months from the date of receipt of the

report.

(3) The Performance Review Committee

shall maintain a system by which any person

may submit to the committee, any incidence

of—

(a) non-adherence of the provisions of

any applicable law by the Authority;

(b) misappropriation of resources of the

Authority by any person;

any Member or employee of the Authority;

(d) non-compliance of any decision of the

Authority by any Member or employee of

the Authority.

(4) The Authority shall make regulations

governing the information to be provided to

the Performance Review Committee, and the

provision of adequate resources to enable the

committee to discharge its functions under

this section.

18. Maintenance of website.— (1) The

Authority shall maintain such website or any

other universally accessible repository of

electronic information as may be specified by

regulations.

(2) All the regulations and orders issued

by the Authority shall be published in its

website or repository maintained under sub-

section (1).

(3) The Authority shall review the quality

of the website or the repository, based on

international best practices, once every year

and publish the report containing its findings

with the annual report.

19. Returns and reports.— (1) The Authority

shall furnish to the Central Government at

such time and in such form and manner as

may be prescribed or as the Central

Government may direct, such returns and

statements and such particulars with regard

to any proposed or existing programme for

the development and regulation of the units

in the International Financial Services

Centres, as the Central Government may, from

time to time, require.

(2) Without prejudice to the provisions of

sub-section (1), the Authority shall, within

ninety days after the end of each financial

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year, submit to the Central Government, a

report in such form, as may be prescribed,

giving a true and full account of its activities,

policies and programmes during the previous

financial year.

(3) A copy of the report received under

sub-section (2) shall be laid, as soon as may

be after it is received, before each House of

Parliament.

CHAPTER V

Foreign Exchange Transactions

20. Transactions in foreign currency.—

Every transaction of financial services in an

International Financial Services Centre shall

be in such foreign currency as may be

specified by regulations in consultation with

the Central Government.

CHAPTER VI

Miscellaneous

21. Power to issue directions.— (1) Without

prejudice to the foregoing provisions of this

Act, the Authority shall, in exercise of its

powers or the performance of its functions

under this Act, be bound by such directions

on questions of policy as the Central

Government may give in writing to it from

time to time:

Provided that the Authority shall, as far as

practicable, be given an opportunity to

express its views before any direction is given

under this sub-section.

(2)

The

decision

the

Central

Government, whether a question is one of

policy or not, shall be final.

22. Power of Central Government to

supersede Authority.— (1) If at any time the

Central Government is of the opinion that—

(a) on account of circumstances beyond

the control of the Authority, it is unable to

discharge the functions or perform the

duties imposed on it by or under this Act;

(b) the Authority has persistently

defaulted in complying with any direction

given by the Central Government under

this Act or in the discharge of the functions

or performance of the duties imposed on it

by or under this Act and as a result of

such default the financial position of the

Authority or the administration of the

Authority has deteriorated; or

necessary in the public interest so to do,

the

Central

Government

may,

notification and for reasons to be specified

therein, supersede the Authority for such

period, not exceeding six months, as may

be specified in the notification:

Provided that before issuing any such

notification, the Central Government shall

give a reasonable opportunity to the

Authority to make representations, if any,

of the Authority.

(2) Upon the publication of a notification

under sub-section (1) superseding the

Authority,—

(a) the Chairperson and other Members

shall, as from the date of supersession,

vacate their offices as such;

(b) all the powers, functions and duties

which may, by or under this Act, be

exercised or discharged by or on behalf of

the Authority shall, until the Authority is

reconstituted under sub-section (3), be

exercised and discharged by such person

or persons as the Central Government may

direct; and

the Authority shall, until the Authority is

reconstituted under sub-section (3), vest

in the Central Government.

(3) On or before the expiration of the period

of supersession specified in the notification

issued under sub-section (1), the Central

Government shall reconstitute the Authority

by a fresh appointment of its Chairperson and

other Members and in such case any person

who had vacated his office under clause (a)

of sub-section (2) shall not be deemed to be

disqualified for reappointment.

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(4) The Central Government shall, as soon

as may be, cause a copy of the notification

issued under sub-section (1) and a full report

to any action taken by it, to be laid before

each House of Parliament.

23. Delegation of powers.— (1) The

Authority may, by general or special order in

writing, delegate to any Member or officer of

the Authority subject to such conditions, if

any, as may be specified in the order, such of

its powers and functions under this Act

(except the powers under section 28) as it

may deem necessary.

(2) The Authority may, by a general or

special order in writing, also form committees

of the Members and delegate to them the

powers and functions of the Authority, as may

be specified by regulations.

24.

Members,

Officers

and

employees of Authority to be public

servants.— The Members, officers

and employees of the Authority shall

be deemed, when acting or

purporting to act in pursuance of

any of the provisions of this Act, to

be public servants within the

meaning of section 21 of the Indian

Penal Code.

25. Protection of action taken in good

faith.— No suit, prosecution or other legal

proceedings shall lie against the Central

Government or the Authority or its Members,

officers or other employees, for anything

which is done, or intended to be done, in

good faith under this Act.

26.

Exemption

from

tax.—

Nothing contained in any other law

or enactment for the time being in

force, in relation to taxation,

including the Income-tax Act, 1961,

shall make the Authority liable to

pay income-tax or any other tax or

duty with respect to its income,

services or profits or gains.

27. Power to make rules.— (1) The Central

Government may, by notification, make

rules for carrying out the provisions of this

Act.

(2) In particular, and without prejudice to

the generality of the foregoing power, such

rules may provide for all or any of the

following matters, namely:—

(a) the composition and the manner of

constitution of the Selection Committee

under sub-section (4) of section 5;

(b) the salaries and allowances and other

terms and conditions of service of Members

under sub-section (2) of section 6;

the Authority under clause (d) of sub-

section (2) of section 12;

(d) the form in which the accounts and

other relevant records to be maintained and

annual statement of accounts to be

furnished under sub-section (1) of section

16;

(e) the form and manner of furnishing of

returns and statements and other

particulars under sub-section (1) of section

19;

(f) the form of annual report of activities,

policies and programmes under sub-section

(2) of section 19;

(g) any other matter which is to be, or

may be, prescribed.

28. Power to make regulations.— (1) The

Authority may, by notification, make

regulations consistent with this Act and the

rules made thereunder for carrying out the

provisions of this Act.

(2) In particular, and without prejudice to

the generality of the foregoing power, such

regulations may provide for all or any of the

following matters, namely:-

(a) the time and place of meetings and

the rules of procedure in regard to

transaction of business at such meetings

under sub-section (1) of section 8;

(b) the salaries and allowances and other

terms and conditions of service of officers

45 of 1860.

43 of 1961.

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2167

and other employees of Authority under

sub-section (2) of section 11;

may perform its functions under sub-section

(7) of section 13;

(d) the manner of providing information

to the Performance Review Committee

under sub-section (4) of section 17;

(e) the maintenance of the website or

any other universally accessible repository

of electronic information under sub-section

(1) of section 18;

(f) the foreign currency in which

transaction of financial services in

International Financial Services Centres

may be conducted under section 20;

(g) the powers and functions of the

Authority which may be delegated under

sub-section (2) of section 23;

(h) any other matter which is required

to be or may be, specified by regulations.

,29. Rules and regulations to be laid before

Parliament.—

Every

rule

and

every

regulation made under this Act shall be laid,

as soon as may be after it is made, before

each House of Parliament, while it is in

session, for a total period of thirty days which

may be comprised in one session or in two

or more successive sessions, and if, before

the expiry of the session immediately

following the session or the successive

sessions aforesaid, both Houses agree in

making any modification in the rule or

regulation or both Houses agree that the rule

or regulation should not be made, the rule or

regulation shall thereafter have effect only in

such modified form or be of no effect, as the

case may be; so, however, that any such

modification or annulment shall be without

prejudice to the validity of anything

previously done under that rule or regulation.

30. Overriding effect.— The provisions of

this Act shall have effect notwithstanding

anything inconsistent therewith contained in

any other law for the time being in force or

in any instrument having effect by virtue of

any law other than this Act.

31. Power to modify provisions of other

enactments in relation to International

Financial Services Centres.— (1) The Central

Government may, by notification, direct that

any of the provisions of any other Central Act

or any rules or regulations made thereunder

or any notification or order issued or direction

given thereunder (other than the provisions

relating to making of the rules or regulations)

specified in the notification—

(a) shall not apply to financial products,

financial services or financial institutions,

as the case may be, in an International

Financial Services Centre; or

(b) shall apply to financial products,

financial services or financial institutions,

as the case may be, in an International

Financial Services Centre with such

exceptions, modifications and adaptations,

as may be specified in the notification.

(2) A copy of every notification proposed

to be issued under sub-section (1), shall be

laid in draft before each House of Parliament,

while it is in session, for a total period of

thirty days which may be comprised in one

session or in two or more successive sessions,

and if, before the expiry of the session

immediately following the session or the

successive sessions aforesaid, both Houses

agree in disapproving the issue of the

notification or both Houses agree in making

any modification in the notification, the

notification shall not be issued or, as the case

may be, shall be issued only in such modified

form as may be agreed upon by both the

Houses.

32. Power to remove difficulties.— (1) If any

difficulty arises in giving effect to the

provisions of this Act, the Central Government

may, by order, published in the Official

Gazette, make such provisions not inconsistent

with the provisions of this Act as may

appear to be necessary for removing the

difficulty:

Provided that no order shall be made under

this section after the expiry of five years from

the commencement of this Act.

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(2) Every order made under this section shall be laid, as soon as may be after it is made,

before each House of Parliament.

33. Amendment to certain enactments.— The enactments specified in the Second Schedule

shall be amended in the manner specified therein.

34. Savings.— All rules and regulations made or purporting to have been made or all

notifications issued or purporting to have been issued under any Central Act relating to the

fmancial products, financial services or financial institutions, as the case may be, shall, in so

far as they relate to matters for which provision is made in this Act or the rules or regulations

made or notification issued thereunder and are not inconsistent therewith, be deemed to

have been made or issued under this Act as if this Act had been in force on the date on

which such rules were made or notifications were issued and shall continue to be in force

unless and until they are superseded by any rules or regulations made or notifications issued

under this Act.

THE FIRST SCHEDULE

[See sections 3(1)(a), 13(1), (2) and (4)]

Appropriate Regulators

Sl No.

Appropriate Regulator

Name of Acts

(1)

(2)

(3)

The Reserve Bank of India

1. The Reserve Bank of India Act, 1934

constituted under the

(2 of 1934);

Reserve Bank of India

Act, 1934 (2 of 1934)

2. The Banking Regulation Act, 1949 (10 of 1949);

3. The Deposit Insurance and Credit Guarantee

Corporation Act, 1961 (47 of l961);

4. The Foreign Exchange Management Act, 1999

(42 of 1999);

5. The Credit Information Companies (Regulation) Act,

2005 (30 of 2005);

6. The Government Securities Act, 2006 (38 of 2006);

7. The Payment and Settlement Systems Act, 2007

(51 of 2007).

The Securities and Exchange

1. The Securities Contracts (Regulation) Act, 1956

Board of India established

(42 of 1956);

under the Securities and

Exchange Board of India

2. The Securities and Exchange Board of India Act,

Act, 1992 (15 of 1992).

1992 (15 of 1992);

3. The Depositories Act, 1996 (22 of 1996).

The Insurance Regulatory and

1. The Insurance Act, 1938 (4 of 1938);

Development Authority of

India constituted under the

2. The General Insurance Business (Nationalisation)

Insurance Regulatory and

Act, 1972 (57 of 1972);

Development Authority Act,

1999 (41 of 1999).

3. The Insurance Regulatory and Development

Authority Act, 1999 (41 of 1999).

The Pension Fund Regulatory

The Pension Fund Regulatory and Development

and Development Authority

Authority Act, 2013 (23 of 2013).

constituted under the Pension

Fund Regulatory and

Development Authority

Act, 2013 (23 of 2013).

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2169

THE SECOND SCHEDULE

[See section 33]

Amendment to certain enactments

PART I

Amendment to the Reserve Bank of India Act, 1934

(2 of 1934)

Insertion of new section after section 57.— After

section 57, the following section shall be inserted,

namely:—

“57A. Powers of 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 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;

(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,

in so far as regulation of financial products,

financial services and financial institutions that are

permitted in the International Financial Services

Centres are concerned.”.

PART II

Amendment to the Insurance Act, 1938

(4 of 1938)

Insertion of new section after section 118.—After

section 118, the following section shall be inserted,

namely:—

“118A. Powers of Authority 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 Authority 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;

(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,

in so far as regulation of financial products,

financial services and financial institutions that are

permitted in the International Financial Services

Centres are concerned.”.

PART III

Amendment to the Banking Regulation Act, 1949

(10 of 1949)

Insertion of new section after section 51.— After

section 51, the following section shall be inserted,

namely:—

“51A. 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;

(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,

in so far as regulation of financial products,

financial services and financial institutions that are

permitted in the International Financial Services

Centres are concerned.”.

PART IV

Amendment to the Securities Contracts

(Regulation) Act, 1956

(42 of 1956)

Insertion of new section after section 29 A.— After

section 29A, the following section shall be inserted,

namely:—

“29B. Powers of the Securities and Exchange

Board of India 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

Securities and Exchange Board of India 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.

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(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,

in so far as regulation of financial products,

financial services and financial institutions that are

permitted in the International Financial Services

Centres are concerned.”.

PART V

Amendment to the Deposit Insurance and Credit

Guarantee Corporation Act, 1961

(47 of 1961)

Insertion of new section after section 43.—After

section 43, the following section shall be inserted,

namely:—

“43A. 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;

(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,

in so far as regulation of financial products,

financial services and financial institutions that are

permitted in the International Financial Services

Centres are concerned.”.

PART VI

Amendment to the General Insurance Business

(Nationalisation) Act, 1972

(57 of 1972)

Insertion of new section after section 38.— After

section 38, the following section shall be inserted,

namely:—

“38A. Powers of Insurance Regulatory and

Development Authority of India 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 Insurance Regulatory and

Development Authority of India 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;

(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,

in so far as regulation of financial products,

financial services and financial institutions that are

permitted in the International Financial Services

Centres are concerned.”.

PART VII

Amendment to the Securities and Exchange

Board of India Act, 1992

(15 of 1992)

Insertion of new section after section 28B.— After

section 38, the following section shall be inserted,

namely:—

“28C. Powers of Board 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 Board 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;

,(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,

in so far as regulation of financial products,

financial services and financial institutions that are

permitted in the International Financial Services

Centres are concerned.”.

PART VIII

Amendment to the Depositories Act, 1996

(22 of 1996)

Insertion of new section after section 23F.— After

section 23F, the following section shall be inserted,

namely:—

“23G. Powers of Board not to apply to

International Financial Services Centre.—

Notwithstanding anything contained in any other

28 of 2005.

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law for the time being in force, the powers

exercisable by the Board 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;

(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,

in so far as regulation of financial products,

financial services and financial institutions that are

permitted in the International Financial Services

Centres are concerned.”.

PART IX

Amendment to the Insurance Regulatory and

Development Authority Act, 1999

(41 of 1999)

Insertion of new section after section 23.— After

section 23, the following section shall be inserted,

namely:—

“23A. Powers of Authority 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 Authority 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;

(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,

in so far as regulation of financial products,

financial services and financial institutions that are

permitted in the International Financial Services

Centres are concerned.”.

PART X

Amendment to the Foreign Exchange

Management Act, 1999

(42 of 1999)

Insertion of new section after section 44.— After

section 44, the following section shall be inserted,

namely:—

“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;

(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,

in so far as regulation of financial products,

financial services and financial institutions that are

permitted in the International Financial Services

Centres are concerned.”.

PART XI

Amendment to the Credit Information Companies

(Regulation) Act, 2005

(30 of 2005)

Insertion of new section after section 33.— After

section 33, the following section shall be inserted,

namely:—

“33A. 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;

(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,

in so far as regulation of financial products,

financial services and financial institutions that are

permitted in the International Financial Services

Centres are concerned.”.

PART XII

Amendment to the Government Securities Act, 2006

(38 of 2006)

Insertion of new section after section 31.— After

section 31, the following section shall be inserted,

namely:—

“31A. Powers of Bank not to apply to

International Financial Services Centre.—

Notwithstanding anything contained in any other

28 of 2005.

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law for the time being in force, the powers

exercisable by the 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;

(b) shall be exercisable by the International

Financial

Services

Centre

Authority

established under sub-section (1) of section 4

of the International Financial Services Centres

Authority Act, 2019,

in so far as regulation of financial products,

financial services and financial institutions that are

permitted in the International Financial Services

Centres are concerned.”.

PART XIII

Amendment to the Payment and Settlement

Systems Act, 2007

(51 of 2007)

Insertion of new section after section 34A.— After

section 34A, the following section shall be inserted,

namely:—

“34B. Powers of Reserve Bank not to apply to

International.— 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;

(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,

in so far as regulation of financial products,

financial services and financial institutions that are

permitted in the International Financial Services

Centres are concerned.”.

PART XIV

Amendment to the Pension Fund Regulatory

and Development Authority Act, 2013

(23 of 2013)

Insertion of new section after section 50.— After

section 50, the following section shall be inserted,

namely:—

“50A. Powers of Authority 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 Authority 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;

(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,

in so far as regulation of financial products,

financiai services and financial institutions that are

permitted in the International Financial Services

Centres are concerned.”.

———ttt———

Department of Public Works

Office of the Principal Chief Engineer

–––

Notification

8-4/CE-PWD-Accts/2020-21/2069

Whereas Government introduced “Dues

Recovery and Settlement Scheme, 2020-21”

under Public Department for payment of dues

towards water charges from all Domestic &

non Domestic water consumers vide Order

No. 8-4/CE-PWD-Accts/2020-21/1554 dated

23-12-2020 and whereas vide Notification

No. 8-4/CE-PWD-Accts/2020-21/1984 dated

25-2-2021 the validity for applying under the

scheme was extended upto 28-2-2021.

Now, the Government hereby extends the

validity upto 30-4-2021 for applying under the

above scheme.

By order and in the name of the

Governor of Goa.

U. P. Parsekar, Principal Chief Engineer

(PWD).

Panaji, 12th March, 2021.

28 of 2005.

OFFICIAL GAZETTE — GOVT. OF GOA

SERIES I No. 51

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Department of Revenue

––

Notification

16/8/3/2018/Rev-I/7941

In exercise of the powers conferred by sub-

section (2) of section 1 of the Goa Land

Revenue Code (Amendment) Act, 2021 (Goa

Act 5 of 2021), the Government of Goa hereby

appoints the 18th day of March, 2021, as the

date on which the provisions of the said Act

shall come into force.

By order and in the name of the

Governor of Goa.

Sudin

Natu,

Under

Secretary

(Revenue-I).

Porvorim, 15th March, 2021.

———uuu———

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