'Certain regulatory powers of RBI have been changed and are not applicable to International Financial Services Centres.' Explain.

By virtue of section 33 of the International Financial Services Centres Authority Act, 2019 , section 44A has been inserted in the Foreign Exchange Management Act, 1999, thereby excluding the powers exercisable by Reserve Bank of India under Foreign Exchange Management Act, 1999, in respect of International Financial Services Centre and entrusting the said powers to International Financial Services Centres Authority in so far as regulation of financial products, financial services and financial institutions that are permitted in the International Financial Services Centres. As per the amended section 44A of the Foreign Exchange Management Act, 1999 , the powers exercisable by the Reserve Bank of India - (a) shall not extend to an International Financial Services Centre set up under section 18(1) of the Special Economic Zones Act, 2005; (b) shall be exercisable by the International Financial Services Centres Authority established under section 4(1) 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.