Exemption to ATMs in SEZ from being treated as OBUs

MINISTRY OF COMMERCE AND INDUSTRY
(Department of Commerce)
NOTIFICATION

New Delhi, the 3rd March, 2010

       S.0. 27(E).-ln exercise ofthe powers conferred by sub-section (I) ofSection 49 oftheSpecial Econontic Zones Act, 2005 (28 of 2005), the Central Govemment hereby declares that the provisions of clause (u) of Section 2 ofthe Special Economic Zones Act, 2005. would not apply to Special Economic Zones in so far as they relate to setting up of (i) oftclte 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 ofthe Reserve Bank of India under Section 23 ofthe Banking Regulation Act, 1949.

[ F. No.  C 3/9/2008~SEZ]

Sd./-
T.SRINIDHI
Director