IFSC Units Exempted from Positive Net Foreign Exchange Requirement for Financial Services
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- By Chetan Kulasri
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- Last Updated on 2 May, 2023
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Notification No. G.S.R 334(E); Dated: 27.04.2023
The Government has notified the Special Economic Zones (Second Amendment) Rules, 2023. As per the amended norms, IFSC units providing financial services are exempted from the requirement of achieving positive Net Foreign Exchange Earnings as per Rule 53 of the SEZ rules. Rule 53 mandates the unit to achieve positive net foreign exchange within 5 years from the commencement of production. The amended norms are effective from 27.04.2023.
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