MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 28th February, 2022
G.S.R. 168(E).—In exercise of the powers conferred by clause (d) of sub-section (2) of section 27 read with sub-section(1) of section 16 of the International Financial Services Centres Authority Act, 2019 (50 of 2019) and in consultation with the Comptroller and Auditor- General of India, the Central Government hereby makes the following rules, namely:-
1. Short title and commencement.- (1) These rules may be called the International Financial Services Centres Authority (Form of Annual Statement of Accounts) Rules, 2022.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. Definitions.- (1) In these rules, unless the context otherwise requires,_
(a) “Act” means the International Financial Services Centres Authority Act, 2019;
(b) “Chairperson” means the Chairperson of the Authority appointed under clause (a) of subsection (1) of section 5 of the Act;
(c) “Form” means form annexed to these rules;
(d) “Fund” means the International Financial Service Centres Authority Fund constituted under subsection (1) of section 15 of the Act;
(e) “Schedule” means Schedule annexed to these rules;
(f) “Year” means a financial year beginning on the 1st day of April and ending on the 31st day of March of each year.
(2) Words and expressions used and not defined in these rules, but defined in the Act shall have the meanings respectively assigned to them in the Act.
3. Maintenance of accounts and records.- (1) The Authority shall maintain its accounts and records in the Form of financial statements annexed to these rules, comprising of the following, namely: –
(i) Balance sheet in Form A
(ii) Income and expenditure account in Form B
(iii) Receipt and payment accounts in Form C
(2) The Authority shall follow the general directions of the Central Government given in consultation with the Comptroller and Auditor General of India in maintaining the financial statements.
4. Preparation and submission of financial statement of Authority.- (1) The Authority shall prepare its financial statements and significant accounting policies as per the Forms and Schedules.
(2) The annual financial statements of the Authority, duly authenticated by the executive director in-charge of Finance Accounts Department of the Authority, Chairperson of the Audit Committee of the Authority and the Chairperson and approved by the Authority shall be forwarded to the Comptroller and Auditor General of India, for the purposes of audit, within a period of three months of the end of the financial year.
(3) The Authority shall preserve the financial statements prepared under these rules for a minimum period of five years.
(4) The duly audited annual financial statements of the Authority as certified by the Comptroller and Auditor General of India together with the audit report thereon shall be forwarded by the Chairperson for every financial year to the Central Government for laying before each House of Parliament.
