Foreign currency account transactions prohibit cash dealings while permitting specified account forms subject to regulatory conditions. Cash transactions in foreign currency accounts are prohibited. Accounts in specified foreign currencies may be opened, held and maintained with a Banking ... Summary
Foreign currency account transactions prohibit cash dealings while permitting specified account forms subject to regulatory conditions.
Cash transactions in foreign currency accounts are prohibited. Accounts in specified foreign currencies may be opened, held and maintained with a Banking Unit. Individual account holders may maintain current, savings or term-deposit accounts, whereas other account holders may maintain only current or term-deposit accounts. Such accounts are subject to conditions specified by the Authority. The provision replaced the earlier reference to freely convertible foreign currency with specified foreign currencies.
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