Can an Offshore Banking Unit (OBU) in India be treated on par with a branch of the bank outside India for the purpose of opening of foreign currency accounts by residents under the Scheme?
Liberalised Remittance Scheme - As on Apr 06, 2023
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Offshore Banking Unit parity denied - OBUs in India not treated as overseas branches for foreign currency account opening. An Offshore Banking Unit (OBU) in India is not treated as equivalent to a branch of the bank outside India for the purpose of residents opening foreign ... Summary
Offshore Banking Unit parity denied - OBUs in India not treated as overseas branches for foreign currency account opening.
An Offshore Banking Unit (OBU) in India is not treated as equivalent to a branch of the bank outside India for the purpose of residents opening foreign currency accounts under the Liberalised Remittance Scheme; therefore residents cannot rely on OBU status to obtain overseas-branch treatment when opening such accounts.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
Join Channel
TaxTMI 
