IFSC approves draft Banking Regulations

The IFSC Authority has approved of the draft banking regulations which paves the way for putting in place the rules for the various aspects of banking operations that would be permissible at the IFSC. The salient aspects of the banking regulations include laying down the requirements for setting up IFSC Banking Units (IBUs) and permitting persons resident outside India (having net worth of not less than USD1 million).The IFSC Authority has approved of the draft banking regulations which paves the way for putting in place the rules for the various aspects of banking operations that would be permissible at the IFSC. The salient aspects of the banking regulations include laying down the requirements for setting up IFSC Banking Units (IBUs) and permitting persons resident outside India (having net worth of not less than USD1 million).taxmann.com NewsRead More

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