Section 50:

50. The following financial services— (a) banking services, other than services supplied by a bank holding a banking licence under the Banking Act in respect of its banking transactions with non-residents and corporations holding a Global Business Licence under the Financial Services Act, including— (i) services provided by the Bank of Mauritius; and (ii) the issue, transfer or receipt of, or any dealing with, money, any security for money or any note or order for the payment of money, the provision of prescribed Islamic financing arrangement as defined under the Banking Act and the operation of any current, deposit or savings account, but except— (A) services provided to merchants accepting a credit card or debit card as payment for the supply of goods or services (merchant’s discount); (B) services in respect of safe deposit lockers, issue and renewal of credit cards and debit cards; and (C) services for keeping and maintaining customers’ accounts, other than transactions involving the primary dealer system; V4 – 53 [Issue 10] Value Added Tax Act (b) services provided by foreign exchange dealers and money changers; (c) the issue, transfer or receipt of, or dealing with any stocks, bonds, shares, debentures and other securities, including the underwriting and settlement and clearing of such securities; (d) the issue of transfer of ownership of a unit under any unit trust; (e) the management of investment funds and of pension funds; (f) the arrangement, provision, or transfer of ownership, of any contract of insurance or re-insurance under the Insurance Act; (fa) the making of loans between entities within the same group; and (g) such other financial services as may be prescribed.