New Delhi: Finance Minister Nirmala Sitharaman will on November 25 introduce Taxation Laws (Amendment) Bill and International Financial Services Centres Authority Bill in Lok Sabha, stated news agency ANI.
This International Financial Services Centres Authority Bill 2019 was slated to be introduced in the Lok Sabha only after its withdrawal from the Rajya Sabha. An approval for the same has been granted by the Cabinet Committee on Economic Affairs (CCEA). It must be noted that this bill which is still pending in the Rajya Sabha was introduced in the upper house of the Parliament on February 12, 2019.
On November 20, a decision was taken at a Union Cabinet meeting to set up a unified financial regulator for International Financial Services Centres so as to provide a world-class regulatory environment to financial market participants, stated a report. Currently, the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India (Irdai) among others regulate the banking, capital markets and insurance sectors of IFSC.
“The dynamic nature of business in the IFSCs necessitates a high degree of inter-regulatory coordination. It also requires clarifications and frequent amendments in the existing regulations governing financial activities in IFSC,” stated news agency PTI quoting an official statement.
Earlier, the government had approved the proposal for the establishment of a unified authority for regulating all financial services through the introduction of the International Financial Services Centres Authority Bill 2019 in Parliament.
Subsequently, the International Financial Services Centres Authority Bill, 2019 was introduced in the Rajya Sabha on February 12, 2019.
“The Lok Sabha Secretariat has now conveyed that this is a Finance Bill under Article 117(1) of the Constitution and that it should be introduced in Lok Sabha accordingly with the recommendation of the President under Article 117(1) and 274(1) of the Constitution,” it added.
(With inputs from PTI)