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.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
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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