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International Financial Services Centre (IFSC)

Dated:- 2-3-2015 - An 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 Ma .....

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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 s .....

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rer or reinsurers to set up branch in IFSC. Similarly RBI would permit the setting up of IFSC Banking Units (IBUs) by banks. Government would be permitting IRDA of India to allow such life and non-life insurance services, health insurance services an .....

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ies like currency derivatives, NIFTY futures, Depository Receipts, etc. would take place on the exchanges like any other IFSC. 3. RBI has also formulated a Draft Scheme for the setting up of IFSC Banking Units (IBUs) by banks, whose broad contours ma .....

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g Regulation Act, 1949. To begin with, only Indian banks (public and private, authorised to deal in forex) and foreign banks having a presence in India would be eligible to set up IBUs. Banks already having offshore presence would be preferred and ea .....

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he 90 days Income Recognition Asset Classification and Provisioning norms, adoption of liquidity and interest rate risk management policies. iii. Role of the Parent Bank s Board: The bank s Board would set comprehensive overnight limits for each curr .....

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lion upfront as capital, and the IBU shall have to maintain minimum capital on an on-going basis as may be prescribed. v. Liabilities and Advances: The IBU s liabilities will be exempt both CRR and SLR. But liabilities only with original maturity per .....

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rt. Funds may be raised only from entities not resident in India, though the deployment may also be with entities resident in India, subject to FEMA, 1999. Advances by IBUs shall not be a part of the Net Bank Credit of parent banks. vi. Permissibilit .....

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