IFSCA notifies Rules on Annual Report and Returns and Form of Annual Statement

On February 28, 2022, the Central Government notifies International Financial Services Centres Authority (Annual Report and Returns and Statements and Other Particulars) Rules, 2022 and International Financial Services Centres Authority (Form of Annual Statement of Accounts) Rules, 2022.

International Financial Services Centres Authority (Annual Report and Returns and Statements and Other Particulars) Rules, 2022

Key points:

• Form of annual report: The Authority shall prepare its annual report, giving true and full accounts of its activities, policies and programmes, during the previous financial year in the Form annexed to these rules.
• Submission of annual report- The Authority shall submit a copy of the annual report to the Central Government within a period of ninety days after the end of every financial year.
• Furnishing of returns and statements and other particulars– The Authority shall furnish to the Central Government
  

1. 1. monthly updated status on the development and regulation of the financial products, financial services
      and financial institutions in the International Financial Services Centres;
   2. monthly updated status on a scheme or project or event that has received assistance or support from the
      Central Government
   3. report or statement or information on any other item as may be required by the Central Government.

International Financial Services Centres Authority (Form of Annual Statement of Accounts) Rules, 2022

Key points:

• Maintenance of accounts and records.- The Authority shall maintain its accounts and records in the Form of financial statements annexed to these rules, comprising of Balance sheet in Form A; Income and expenditure account in Form B and Receipt and payment accounts in Form C.
  
• Preparation and submission of financial statement of Authority:

1. 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.