Establishment of IFSC units by multilateral agencies permitted, subject to Board approval and possible regulatory exemptions. Rule 21A allows multilateral, unilateral or international agencies notified under the United Nations (Privileges and Immunities) Act to establish local or ... Summary
Establishment of IFSC units by multilateral agencies permitted, subject to Board approval and possible regulatory exemptions.
Rule 21A allows multilateral, unilateral or international agencies notified under the United Nations (Privileges and Immunities) Act to establish local or regional offices as Units in the International Financial Services Centre. Applications must be made to the Board of Approval through the Development Commissioner, which will prescribe terms and conditions on the Development Commissioner's recommendation. The Board may exempt such Units from any SEZ Rule provisions, including net foreign exchange and annual report requirements, and will consider extensions of the Letter of Approval.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.