IFSC Letter of Approval enables SEZ units to operate as IFSC units subject to approvals, compliance and commencement timelines. The amendment empowers the Administrator (IFSCA) to issue a Letter of Approval (Form GA) for IFSC units in SEZs, provides a Form GA template, and prescribes key conditions: execution of a Bond-cum-Legal Undertaking, export of financial services as the authorised activity for five years from commencement, pollution control compliance, import/procurement rules, ability to supply to the Domestic Tariff Area, initial one-year implementation validity (with extension), requirement to intimate commencement, five-year operational validity from commencement, acceptance within forty-five days, conditional effectiveness upon regulatory approvals, renew/exit options, and cancellation for non-compliance.
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Provisions expressly mentioned in the judgment/order text.
IFSC Letter of Approval enables SEZ units to operate as IFSC units subject to approvals, compliance and commencement timelines.
The amendment empowers the Administrator (IFSCA) to issue a Letter of Approval (Form GA) for IFSC units in SEZs, provides a Form GA template, and prescribes key conditions: execution of a Bond-cum-Legal Undertaking, export of financial services as the authorised activity for five years from commencement, pollution control compliance, import/procurement rules, ability to supply to the Domestic Tariff Area, initial one-year implementation validity (with extension), requirement to intimate commencement, five-year operational validity from commencement, acceptance within forty-five days, conditional effectiveness upon regulatory approvals, renew/exit options, and cancellation for non-compliance.
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