Once established, the regulation is non-discriminatory in India, as foreign banks enjoy near national treatment in the matter of conduct of business. As indicated earlier, on account of the typical requirements of the economy, it is our desire and expectation that the foreign banks offer commercial banking with a view to ensure further penetration of banking activities.
In addition, it establishes that the Minister may avail himself of the Financial Security Committee, thus extending to money laundering the incisive powers with which that Committee was entrusted by law on a temporary and exceptional basis in order to face the emergency of the fight against international terrorism. The proposed solution raises doubts.