Unit establishment by international agencies in IFSC permitted; Board of Approval may set terms and grant regulatory exemptions. Multilateral, unilateral or international agencies notified under the United Nations (Privileges and Immunities) Act, 1947 may set up local or regional offices as Units in the International Financial Services Centre. Applications go to the Board of Approval via the Development Commissioner; the Board sets terms and conditions based on the Development Commissioner's recommendation and may exempt such Units from Rule provisions including positive Net Foreign Exchange requirements and Annual Performance Report filing. The Board will consider extensions of the Letter of Approval.
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.
Unit establishment by international agencies in IFSC permitted; Board of Approval may set terms and grant regulatory exemptions.
Multilateral, unilateral or international agencies notified under the United Nations (Privileges and Immunities) Act, 1947 may set up local or regional offices as Units in the International Financial Services Centre. Applications go to the Board of Approval via the Development Commissioner; the Board sets terms and conditions based on the Development Commissioner's recommendation and may exempt such Units from Rule provisions including positive Net Foreign Exchange requirements and Annual Performance Report filing. The Board will consider extensions of the Letter of Approval.
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 
