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The Indian government has relaxed norms for foreign reinsurers to set up branches at International Financial Services Center in Gujarat, Financial Express reported citing the Press Trust of India. The government has reduced the amount of net owned funds required by foreign reinsurers to open a branch in IFSC from 50 billion Indian rupees ($717 million) to INR 10 billion. The reduction is expected to attract reinsurers operating in financial centers in London, Malaysia, Hong Kong, Dubai and Singapore.