IFSCA tweaks norms relating to banking units at IFSCs

IFSCA has notified the IFSCA (Banking) (Second Amendment) Regulations, 2021 whereby definition of ‘Banking Unit’ has been amended to be called ‘IFSC Banking Unit’, a new definition of ‘Home Regulator’ has been inserted. Under revised norms, the Banking units shall be required to adhere to the norms and guidelines for exposure ceiling as specified by IFSCA. Revised norms permit Banking units to open accounts in a freely convertible foreign currency for Individuals and corporates.IFSCA has notified the IFSCA (Banking) (Second Amendment) Regulations, 2021 whereby definition of ‘Banking Unit’ has been amended to be called ‘IFSC Banking Unit’, a new definition of ‘Home Regulator’ has been inserted. Under revised norms, the Banking units shall be required to adhere to the norms and guidelines for exposure ceiling as specified by IFSCA. Revised norms permit Banking units to open accounts in a freely convertible foreign currency for Individuals and corporates.taxmann.com Latest Statutory HappeningsRead More

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