Provisions of clause (u) of section 2 of the Special Economic Zones Act, 2005, would not apply to setting up of (i) offsite Automated Teller Machines in the SEZ, and (ii) branches in Special Economic Zones by Banks, not licensed as Offshore Banking Units - S. O. 527 - Special Economic Zone

Declaration of Central Government - clause (u) of section 2 of the Special Economic Zones Act, 2005, would not apply to Special Economic Zones [TO BE PUBLISHED IN PART II, SECTION 3, SUB-SECTION (ii) OF THE GAZETTE OF INDIA EXTRAORDINARY] GOVERNMENT OF INDIA MINISTRY OF COMMERCE INDUSTRY (Department of Commerce) New Delhi , the 3rd March 2010 NOTIFICATION S. O. 527. In exercise of the powers conferred by sub-section (1) of section 49 of the Special Economic Zones Act, 2005 (28 of 2005) , the Central Government 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. (F.No. C.3/9/2008-SEZ) Sd/- (T. Srinidhi) Director