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IFSC banking units can open foreign currency current accounts

IFSC banking units can open foreign currency current accounts

Tuesday, December 24, 2019, 11:06 AM

The RBI said IFSC Banking Units can open foreign currency current accounts of entities operating in IFSC and of non-resident institutional investors to facilitate their investment transactions. However, IBUs are not allowed to open savings accounts. Issuing instructions regarding permissible activities of IBUs, the RBI further said it will not prescribe any limit for raising short-term liabilities from banks.
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