law: Special Economic Zones Act, 2005 
  17. Setting up and operation
  
  of Offshore Banking Unit 
  1.     
  
    An
  
  application for setting up and operation of an Offshore Banking Unit in a
  
  Special Economic Zone may be made to the Reserve Bank in such form and manner
  
  as may be prescribed.
  2.     
  
    On
  
  receipt of an application under sub-section (1), the Reserve Bank shall, if it
  
  is satisfied that the applicant fulfils all the conditions specified under
  
  sub-section (3), grant permission to such applicant for setting up and
  
  operation of an Offshore Banking Unit.
  3.     
  
    The
  
  Reserve Bank may, by notification, specify the terms and conditions subject to
  
  which an Offshore Banking Unit may be set up and operated in the Special
  
  Economic Zone.