New Delhi, Dec. 12 -- The Lok Sabha on Wednesday passed a Bill for setting up of an authority to develop and regulate the financial services market at the International Financial Services Centres (IFSCs) in India amid various objections raised by the opposition.
While moving the International Financial Services Centres Authority Bill, 2019, Finance Minister Nirmala Sitharaman said it would allow formation of the International Financial Services Centres Authority (IFSCA) and apply to all IFSCs set up under the Special Economic Zones Act, 2005.
The Bill, introduced in the Lok Sabha on November 25, was earlier withdrawn from the Rajya Sabha because being a Finance Bill it was meant to be tabled only in the Lok Sabha. It had received the Cabi...