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of <h1>Global Financial Hub: Central Government Empowered to Establish International Financial Services Centre in Special Economic Zones</h1> The statutory provision authorizes the Central Government to approve establishing one International Financial Services Centre (IFSC) within a Special Economic Zone. The government can prescribe requirements for setting up and operating such a center, subject to guidelines from regulatory bodies like the Reserve Bank, Securities and Exchange Board, and Insurance Regulatory Authority. The provision aims to create a structured framework for developing specialized financial service zones.
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