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The Reserve Bank of India issues the Foreign Exchange Management International Financial Services Centre Regulations, 2015 to govern financial institutions set up in International Financial Services Centres. Any financial institution or branch set up in the International Financial Services Centre and recognized by the Government of India or a Regulatory Authority acts as a person resident outside India. The financial institution conducts business in foreign currency with persons resident or otherwise as the Regulatory Authority determines. Other regulations do not apply to the financial institution unless the Act or the Reserve Bank of India provides otherwise.
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Relative A.P. (DIR) circular: 92/31.03.15
RESERVE BANK OF INDIA Foreign Exchange Department Central Office Mumbai- 400 001
Notification No. FEMA. 339/2015-RB
Dated: March 02, 2015
Foreign Exchange Management (International Financial Services Centre) Regulations, 2015
In exercise of the powers conferred by section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank makes the following regulations relating to financial institutions set up in International Financial Services Centres, namely:-
Short title and commencement:- These regulations may be called the Foreign Exchange Management (International Financial Services Centre) Regulations, 2015. They shall come into force from the date of their publication in the Official Gazette.
Definitions:- In these Regulations unless the context requires otherwise , -
Any financial institution or branch of a financial institution set up in the IFSC and permitted/recognised as such by the Government of India or a Regulatory Authority shall be treated as a person resident outside India.
A financial institution or branch of a financial institution shall conduct such business in such foreign currency and with such persons, whether resident or otherwise, as the concerned Regulatory Authority may determine.
Subject to the provisions of Section 1(3) of the Act, and save as otherwise provided in these Regulations or any other Regulations or directed by the Reserve Bank of India from time to time, nothing contained in any other regulations shall apply to a financial institution or branch of a financial institution set up in an IFSC.
(B.P. Kanungo)
Principal Chief General Manager
Published in the Official Gazette of Government of India – Extraordinary – Part-II, Section 3,
Sub-Section (i) dated 23.03.2015- G.S.R.No.218(E)
