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May 2015

A. P. (DIR Series) Circular No. 92 dated March 31, 2015

By Gaurang Gandhi Chartered Accountant
Reading Time 1 mins
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Notification No. FEMA.339/2015-RB dated March 2, 2015, Operational guidelines on International Financial Services Centre (IFSC)

This circular states that a financial institution or a branch of a financial institution set up in an IFSC permitted/ recognised as such by the Government or a Regulatory Authority will be treated as person resident outside India and their transaction(s) with any person resident in India will be treated as a transaction between a resident and non-resident and will be subject to the provisions of Foreign Exchange Management Act, 1999 and the Rules /Regulations/Directions issued thereunder.

Further, subject to the provisions of section 1 (3) of Foreign Exchange Management Act, 1999, nothing contained in any other Regulations will apply to a financial institution or a branch of a financial institution set up in an IFSC unless there is some express and specific provision to that effect in the Foreign Exchange Management (International Financial Services Centre) Regulations 2015 or any other Regulation.

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