Foreign currency business: regulatory authority sets permitted currencies and counterparties; RBI may permit rupee transactions by permission. Regulation 4 permits a financial institution or branch in the International Financial Services Centre to conduct business in such foreign currency and ... Summary
Foreign currency business: regulatory authority sets permitted currencies and counterparties; RBI may permit rupee transactions by permission.
Regulation 4 permits a financial institution or branch in the International Financial Services Centre to conduct business in such foreign currency and with such persons as the concerned Regulatory Authority determines, while a proviso authorises the Reserve Bank, by general or specific permission, to allow those institutions or branches to transact in Indian Rupee with persons, resident or otherwise.
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