Two months ago we highlighted signs that former Gujarat Chief Minister, Narendra Modi was considering special regulations and tax arrangements for GIFT(Gujarat International Finance Tech City).
Those initial guidelines are now out and they firmly rule out INR transactions by GIFT registered buy lexapro 20mg online banks. They will be subject to the same regulatory treatment as Indian banks’ foreign branches and
prevented from participating in the onshore market.
One potential area of hope:
Participation in derivatives and structured products are permitted
“with prior Board approval”
Just Maybe :
Indian banks might be able to participate in the NDF market via GIFT, if sanctioned by their parent banks (assuming they don’t count NDF’s as INR products as they are not INR settled).
Perhaps a bit like the GIFT of SEF.
We might see Non Indian … Indian banks…..
…..trading with a note from their parents.