Offshore banking unit restriction on transactions with residents requires Reserve Bank permission or regulatory exception. Regulation 5 prohibits an Offshore Banking Unit from conducting activities or transactions with residents in India except where these Regulations ... Summary
Offshore banking unit restriction on transactions with residents requires Reserve Bank permission or regulatory exception.
Regulation 5 prohibits an Offshore Banking Unit from conducting activities or transactions with residents in India except where these Regulations otherwise provide or where the Reserve Bank grants permission; OBUs must ensure transactions either fall within a regulatory exception or have prior Reserve Bank authorization before engaging with residents.
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