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of <h1>RBI Sets Rules for Offshore Banking Units in SEZs; Transactions with Indian Residents Need Approval</h1> The Foreign Exchange Management (Offshore Banking Unit) Regulations, 2002, issued by the Reserve Bank of India, establish guidelines for offshore banking units in India. Effective from their publication date, these regulations define an offshore banking unit as a bank branch located in a Special Economic Zone with authorization under the Banking Regulation Act, 1949. Such units are not considered authorized dealers under the Foreign Exchange Management Act, 1999, and cannot conduct transactions with Indian residents without Reserve Bank permission. They may engage in foreign exchange transactions with authorized dealers and Special Economic Zone units, subject to specified conditions and ceilings.
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