https://www.taxtmi.com/notifications?id=3759 Offshore Banking Units in notified Special Economic Zones are not regarded as authorised dealers under the Foreign Exchange Management Act unless directed by the Reserve Bank, and general regulations do not apply except as provided. OBUs shall not transact with residents in India without Reserve Bank permission. OBUs may undertake foreign exchange business only, may deal with authorised dealers in India on a principal-to-principal basis, and may transact with SEZ units only within eligibility, ceilings and conditions prescribed; banking business under the Banking Regulation Act is confined to foreign exchange and subject to licence conditions. en-us Sat, 07 Sep 2002 00:00:00 +0530 Wed, 15 Jul 2009 15:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/notifications?id=3759 Offshore Banking Units in notified Special Economic Zones are not regarded as authorised dealers under the Foreign Exchange Management Act unless directed by the Reserve Bank, and general regulations do not apply except as provided. OBUs shall not transact with residents in India without Reserve Bank permission. OBUs may undertake foreign exchange business only, may deal with authorised dealers in India on a principal-to-principal basis, and may transact with SEZ units only within eligibility, ceilings and conditions prescribed; banking business under the Banking Regulation Act is confined to foreign exchange and subject to licence conditions. Notifications FEMA Sat, 07 Sep 2002 00:00:00 +0530 https://www.taxtmi.com/notifications?id=3759