The central government is planning to carve out separate rules from the Foreign Exchange Management Act (FEMA) to help push its dream to create international financial services centres (IFSCs) in the country.
The central government is planning to carve out separate rules from the Foreign Exchange Management Act (FEMA) to help push its dream to create international financial services centres (IFSCs) in the country.
Sources have told CNBC-TV18's Sapna Das that the planned tweak will help IFSCs achieve international scale and compete with major financial international financial hubs such as Singapore, Hong Kong or Dubai.
One of the concessions being planned will be to allow transactions (with the exception of local expenses) in foreign currencies (such as the US dollar) to be carried out.
This would be required as the Indian rupee is partially-convertible (meaning there are restrictions on one part of foreign currency flows – the current account – while the trade account is unrestricted.) A partially-convertible regime, usually adopted by emerging countries to prevent currency volatility, inhibits capital flows.
The first such city that is coming up is Gujarat International Finance-Tec (GIFT) City in the western state and on Sunday, market regulator Sebi approved guidelines to allow exchanges, clearing corporations and fund houses to set up shop there.
IFSCs would be treated as a foreign territory and an RBI notification in this regard would be issued soon, sources said.
But they added that such cities will, however, not be majorly exempted from provisions of Income Tax Act.
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