Powers of Reserve Bank not to apply to IFSC [ Section 44A ] - FEMA Ready Reckoner - FEMA

Powers of Reserve Bank not to apply to IFSC Section 44A provides that 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 section 18(1) of the Special Economic Zones Act, 2005; (b) shall be exercisable by the International Financial Services Centres Authority established under section 4(1) 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. Remittances to International Financial Services Centres (IFSCs) in India under the Liberalised Remittance Scheme (LRS) In this connection, a reference may be made to A.P. (DIR Series) circular No. 11 dated 16-02-2021 regarding review of guidelines on LRS.