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ARTICLE · 16 MARCH 2016

Rules Eased For Bank Units In Special Finance Centres

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The 2015-16 budget announced the establishment of the Gujarat International Finance Tec-City and that appropriate regulations would be issued by the relevant regulators.

IndiaFinance and Banking
Sawant Singh
Sawant Singh
Aditya Bhargava
Aditya Bhargava
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As part of a larger policy move to align India's financial markets with international standards and to clamp down on the diversion of Indian rupee denominated business to offshore locations such as Singapore and Dubai, the Ministry of Finance issued a concept paper in February 2015 on establishing finance special economic zones (SEZs). The finance SEZs would have more liberal financial laws and a more efficient financial system than elsewhere in India. The government also perceived that, akin to Hong Kong, finance SEZs would act as conduit for funds for Indian companies and as a platform for trading of securities of Indian companies.

The 2015-16 budget announced the establishment of the Gujarat International Finance Tec-City and that appropriate regulations would be issued by the relevant regulators. This was followed by the issuance of regulations by the Reserve Bank of India (RBI), the Securities and Exchange Board of India and the Insurance Regulatory and

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