Exemption regarding setting up of offsite ATMs and branches in SEZs by Banks
THE Central Government, in exercise of its powers under Section 49(1) of the SEZ Act, 2005, hereby declares that the provisions of clause (u) of section 2 of the Special Economic Zones Act, 2005, would not apply to Special Economic Zones in so far as they relate to setting up of
(i) offsite Automated Teller Machines in the Special Economic Zones; and
(ii) branches in Special Economic Zones by Banks, not licensed as Offshore Banking Units; with the prior permission of the Reserve Bank of India under Section 23 of the Banking Regulation Act, 1949.