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of <h1>RBI Amends Regulations to Allow Financial Institutions to Conduct Business in Rupees at International Financial Services Centres.</h1> The Reserve Bank of India issued an amendment to the Foreign Exchange Management (International Financial Services Centre) Regulations, 2015, effective from January 7, 2020. This amendment, under the Foreign Exchange Management Act, 1999, allows the Reserve Bank to grant general or specific permission for financial institutions or their branches to conduct business in Indian Rupees with designated persons, whether residents or non-residents. This change is intended to enhance the operational scope of financial institutions within the International Financial Services Centre.
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