LawgistThe Special Economic Zones Act
17Setting up and operation of Offshore Banking Unit
(1) An application for setting up and operation of an Offshore Banking Unit in a Special Economic Zone may be made to the Reserve Bank in such form and manner as may be prescribed.
(2) On receipt of an application under sub-section (1), the Reserve Bank shall, if it is satisfied that the applicant fulfils all the conditions specified under sub-section (3), grant permission to such applicant for setting up and operation of an Offshore Banking Unit.
(3) The Reserve Bank may, by notification, specify the terms and conditions subject to which an Offshore Banking Unit may be set up and operated in the Special Economic Zone.
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SINGLE WINDOW CLEARANCE
- 13 Constitution of Approval Committee
- 14 Powers and functions of Approval Committee
- 15 Setting up of Unit
- 16 Cancellation of letter of approval to entrepreneur
- 17 Setting up and operation of Offshore Banking Unit
- 18 Setting up of International Financial Services Centre
- 19 Single application form, return, etc
- 20 Agency to inspect
- 21 Single enforcement officer or agency for notified offences
- 22 Investigation, inspection, search or seizure
- 23 Designated Courts to try suits and notified offences
- 24 Appeal to High Court
- 25 Offences by companies
