<h1>Government Can Approve International Financial Services Centres in SEZs Under SEZ Act, 2005; Must Meet RBI Guidelines.</h1> The government, under the Special Economic Zones (SEZs) Act, 2005, can approve the establishment of an International Financial Services Centre (IFSC) within a SEZ. The requirements and operational terms for such centers are subject to guidelines from authorities like the Reserve Bank and the Securities and Exchange Board of India. SEZs, including those offering financial services, benefit from fiscal concessions under the SEZ Act. SEZ units must achieve positive Net Foreign Exchange earnings over five years or face penalties. Export figures from SEZs have significantly increased from Rs. 34,615 crore in 2006-2007 to Rs. 4,76,159 crore in 2012-2013.