Special Economic Zone regulatory adjustments expand insurer and bank treatment while mandating parliamentary review of related notifications. The amendments permit Indian insurers and specified corporate insurers to conduct insurance business in Special Economic Zones and empower the Central Government to disapply or modify application of the Insurance Act to such insurers by notification. They extend banking regulation to banks and branches located or functioning in SEZs and require draft notifications under that provision to be laid before both Houses of Parliament for a thirty day review period with power for disapproval or modification. The Indian Stamp Act proviso is extended to include instruments involving Developers and Units connected to SEZ purposes.
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Special Economic Zone regulatory adjustments expand insurer and bank treatment while mandating parliamentary review of related notifications.
The amendments permit Indian insurers and specified corporate insurers to conduct insurance business in Special Economic Zones and empower the Central Government to disapply or modify application of the Insurance Act to such insurers by notification. They extend banking regulation to banks and branches located or functioning in SEZs and require draft notifications under that provision to be laid before both Houses of Parliament for a thirty day review period with power for disapproval or modification. The Indian Stamp Act proviso is extended to include instruments involving Developers and Units connected to SEZ purposes.
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