Earlier last month India's highest banking authority had issued a notification stating that debt lending by Banks to SEZ projects be treated as commercial real estate loan. RBI in its notification dated 10-OCT-2006, has changed its mind after several industrialists protested with commerce and finance ministry. New notification says, "exposure of banks to entities for setting up SEZs or for acquisition of units in SEZs which includes real estate would be treated as exposure to commercial real estate sector". Don't worry our Land Sharks will find a loophole to get cheap money from banks. In broader interests, a regulatory like SEBI should be setup.
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