Modified directions of RBI relating to IFSC Banking Units (IBUs)

As per RBI’s latest notification IBUs (IFSC Banking Units) cannot open SB account. IBUs are also prohibited from undertaking cash transactions. They can open foreign currency current accounts (including escrow accounts) of units operating in IFSC and of non-resident institutional investors to facilitate their investment transactions subject to the provisions of FEMA 1999 and other … Continue reading Modified directions of RBI relating to IFSC Banking Units (IBUs)