Section 49 of the Special Economic Zones Act, 2005 – Power to modify provision of this Act or other enactments in relation to Special Economic Zones – Exemption to ATMs in SEZ from being treated as Offshore Banking Units
Notification No. S.O. 527(E), dated 3-3-2010
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.