34B. 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, in so far as regulation of financial products, financial services and financial institutions that are permitted in the International Financial Services Centres are concerned.
Inserted by Act 50 of 2019, s. 33 and the second Schedule, with effect from 1-10-2020.
