IFSC entities treated as non residents under FEMA, making their transactions with Indian residents subject to FEMA rules. IFSC financial institutions and branches recognised under the IFSC framework are treated as persons resident outside India, making their dealings with Indian residents subject to FEMA, 1999 and related Rules and Regulations. 'Financial transaction' covers payments, bills, securities transfers and debt acknowledgements; 'financial service' covers activities permitted under the institution's governing statute or regulator. The 2015 IFSC Regulations create a specific regime: other FEMA Regulations apply to IFSC entities only where expressly provided. AD Category I banks must inform constituents; the direction is issued under section 47 of FEMA, 1999 without prejudice to other statutory approvals.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
IFSC entities treated as non residents under FEMA, making their transactions with Indian residents subject to FEMA rules.
IFSC financial institutions and branches recognised under the IFSC framework are treated as persons resident outside India, making their dealings with Indian residents subject to FEMA, 1999 and related Rules and Regulations. "Financial transaction" covers payments, bills, securities transfers and debt acknowledgements; "financial service" covers activities permitted under the institution's governing statute or regulator. The 2015 IFSC Regulations create a specific regime: other FEMA Regulations apply to IFSC entities only where expressly provided. AD Category I banks must inform constituents; the direction is issued under section 47 of FEMA, 1999 without prejudice to other statutory approvals.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
