Full Text
REGD. No. D. L.-33004/99
The Gazette of India
CG-DL-E-28042025-262738
No. 225]
EXTRAORDINARY
PART II—Section 3—Sub-section (i)
PUBLISHED BY AUTHORITY
NEW DELHI, MONDAY, APRIL 28, 2025/VAISAKHA 8, 1947
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 28th April, 2025
G.S.R. 264(E). — In exercise of the powers conferred by section 27 of the International Financial Services
Centres Authority Act, 2019 (50 of 2019), the Central Government hereby makes the following rules to amend
International Financial Services Centres Authority (Salary, Allowances and other Terms and Conditions of Service of
Chairperson and Members) Rules, 2020, namely:
(1) These rules may be called the IFSCA (Salary, Allowances and other Terms and Conditions of Service of
Chairperson and Members) Amendment Rules, 2025.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the International Financial Services Centres Authority (Salary, Allowances and other Terms and Conditions of
Service of Chairperson and Members) Rules, 2020, in rule 7,
(i) in sub-rule (1), for the words, brackets and figures "rupees four lakh fifty thousand (Rs, 4,50,000)",
the words "rupees five lakh sixty-two thousand and five hundred” shall be substituted;
(ii) in sub-rule (2), for the words, brackets and figures "rupees four lakh (Rs 4,00,000)", the words "rupees
five lakh" shall be substituted;
(iii) after sub-rule (2), the following provisos shall be inserted, namely:
"Provided that in respect of retired Government officers appointed as Chairperson or whole-time
Members, there shall be no-deduction of pension from the Consolidated salary:
Provided further that the Chairperson and whole-time Member shall be entitled to a salary under this
rule with effect from the 1st day of January 2024.".
[F. No. 4/14/2024-IFSCA]
SURBHI JAIN, Jt. Secy.
Note. - The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i),
vide number G.S.R. 269(E), dated the 29th April, 2020.
EXPLANATORY MEMORANDUM
The above amendment to the Rules is given retrospective effect, as the Central Government had accorded approval
to the revised consolidated salary of Chairperson and Members of the International Financial Services Centres
Authority with effect from 1st January 2024 vide Department of Expenditure's O.M. No. 14-04/2022-E.III.A dated
25th March, 2025.
2. It is certified that no Chairperson or whole-time Member, past or present, of the International Financial Services
Centres Authority is likely to be affected adversely by the proposed amendment being given with retrospective effect.