https://www.taxtmi.com/circulars?id=53291 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. en-us Tue, 31 Mar 2015 00:00:00 +0530 Wed, 01 Apr 2015 15:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=53291 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. Circulars FEMA Tue, 31 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/circulars?id=53291