→Opportunities for Banking Sector in IFSC:[1]
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Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2004 (“ODI Regulations”) restrict investment by an Indian resident into an overseas firm in the financial services sector. To enable, Indian residents to set-up and invest funds in GIFT City, RBI, vide its Circular dated May 12, 2021 has permitted sponsor contribution from a sponsor Indian party in an Alternative Investment Fund (AIF) established overseas, including IFSC. | Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2004 (“ODI Regulations”) restrict investment by an Indian resident into an overseas firm in the financial services sector. To enable, Indian residents to set-up and invest funds in GIFT City, RBI, vide its Circular dated May 12, 2021 has permitted sponsor contribution from a sponsor Indian party in an Alternative Investment Fund (AIF) established overseas, including IFSC. | ||
=== Opportunities for Banking Sector in IFSC: === | === Opportunities for Banking Sector in IFSC:<ref>{{Cite web |title=Gift City In Gujarat And Incentives To Financial Sector - Financial Services - India |url=https://www.mondaq.com/india/financial-services/1154182/gift-city-in-gujarat-and-incentives-to-financial-sector |access-date=2022-12-05 |website=www.mondaq.com}}</ref> === | ||
Indian banks and foreign banks can set up their business units in IFSC and can undertake following activities in IFSC: | Indian banks and foreign banks can set up their business units in IFSC and can undertake following activities in IFSC: | ||