Powers of Reserve Bank not to apply to International Financial Services Centre
Section 34B of the Payment and Settlement Systems Act, 2007 deals with 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 2 The Act came into force on 12 Aug 2008.
1[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.]
Section 34B, The Payment and Settlement Systems Act, 2007 (Act 51 of 2007).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 34B
What does Section 34B of the Payment and Settlement Systems Act deal with?
Section 34B of the Payment and Settlement Systems Act is headed "Powers of Reserve Bank not to apply to International Financial Services Centre". [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
How do I find court cases under Section 34B of the Payment and Settlement Systems Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Payment and Settlement Systems Act 34B, section 34B Payment and Settlement Systems Act, section 34B of the Payment and Settlement Systems Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 34B of the Payment and Settlement Systems Act, and has it changed?
Its own text turns on International Financial Services Centres Authority Act 4 (Establishment and incorporation of Authority), so none of them can safely be read on its own.
When did Section 34B of the Payment and Settlement Systems Act come into force?
Section 34B of the Payment and Settlement Systems Act, cited as Payment and Settlement Systems Act 34B, came into force on 12 Aug 2008, having been enacted on 20 Dec 2007. It is in force as at the date shown on this page.
Other sections of this Act
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Text as in force on 17 Oct 2026. This page is not a substitute for legal advice.