Govt to set up International Financial Services Centre in Gujarat as a part of SEZ

By Accommodation Times News Services

Be cautious of foreigners buying properties warns Finance MinistryAn International Financial Services Centre (IFSC) is set up at Gandhinagar, Gujarat as a part of a Special Economic Zone (SEZ). To operationalise the IFSC, a Notification under the Foreign Exchange Management Act, 1999 (FEMA) shall be issued by Reserve Bank of India (RBI) in March 2015, making regulations relating to financial institutions set up in the IFSC. The key features of these regulations will be that any financial institution (or its branch) set up in the IFSC,-

a)     shall be treated as a non-resident Indian located outside India,

b)    shall conduct business in such foreign currency and with such entities, whether resident or non-resident, as the Regulatory Authority may determine, and

c)     subject to certain provisions, nothing contained in any other regulations shall apply to a unit located in IFSC.

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