RESERVE BANK OF INDIA Foreign Exchange Department Central Office Mumbai- 400 001
regulations · 1999 · State unknown
Parent: THE FOREIGN EXCHANGE MANAGEMENT ACT, 1999 (3757b2cf6e28b23db52995148c7e15b18aedf7eb)
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RESERVE BANK OF INDIA Foreign Exchange Department Central Office Mumbai- 400 001 Notification No. FEMA: 339/2015-RB Dated: March 02, 2015 Foreign Exchange Management (International Financial Services Centre) Regulations, 2015 In exercise of the powers conferred by section 47 of the Foreign Exchange Management Act; 1999 (42 of 1999) , the Reserve Bank makes the following regulations relating to financial institutions set up in International Financial Services Centres; namely: - 1. Short title and commencement:- These regulations may be called the Foreign Exchange Management (International Financial Services Centre) Regulations, 2015. ii: They shall come into force from the date of their publication in the Official Gazette. 2. Definitions:- In these Regulations unless the context requires otherwise Act' shall mean the Foreign Exchange Management Act; 1999 (42 of 1999); b 'Financial Institution' shall include a company, or (ii) a firm, Or (iii) an association of persons or a body of individuals, whether incorporated or not, or (iv) any artificial juridical person, not falling within any of the preceding categories engaged in rendering financial services or carrying out financial transactions: Explanation: For the purpose of this sub-regulation, and without any loss of generality of the above, the expression 'financial institution' shall include banks, non-banking financial companies, insurance companies, brokerage firms, merchant banks, investment banks, pension funds; mutual funds, trusts, exchanges, clearing houses, and any other entity that may be specified by the Government of India or a Financial Regulatory Authority. 'Financial service' shall mean activities a financial institution is allowed to carry out as specified in the respective Act of the Parliament or by theRule TOC
1 · Short title and commencement:-
2 · Definitions:-
3 · Any financial institution or branch of a financial institution set up in the IFSC and permittedlrecognised as such by the Government of India or a Regulatory Authority shall be treated as a person resident outside India.
4 · A financial institution or branch of a financial institution shall conduct such business in such foreign currency and with such persons, whether resident or otherwise, as the concerned Regulatory Authority may determine:
5 · Subject to the provisions of Section 1 (3) of the Act, and save as otherwise provided in these Regulations or any other Regulations or directed by the Reserve Bank of India from time to time, nothing contained in any other regulations shall apply to a financial institution or branch of a financial institution set up in an IFSC.
