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of <h1>Financial Institutions in International Services Centres Gain New Regulatory Framework Under FEMA Section 47</h1> The Reserve Bank of India issued regulations under the Foreign Exchange Management Act, 1999, establishing rules for financial institutions in International Financial Services Centres. These regulations, titled Foreign Exchange Management (International Financial Services Centre) Regulations, 2015, were published in the Official Gazette and became effective on the date of publication, deriving authority from section 47 of the specified Act.
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