TaxTMI 
TaxTMI 
International Financial Services Centres Authority (Banking) (Second Amendment) Regulations, 2021
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....ions, 2021 IFSCA/2021-22/GN/REG013.- In exercise of the powers conferred by sub-section (1) of section 28 read with sub-section (1) of Section 12 and sub-section (1) of Section 13 of the International Financial Services Centres Authority Act, 2019, the International Financial Services Centres Authority hereby makes the following regulations, further to amend the International Financial Services....
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....ns;" 3. In the Principal Regulations, the clauses (e), (g), (k) and (l) in sub-regulation (1) of regulation 2 shall be omitted. 4. In the Principal Regulations, after clause (e) of sub-regulation (1) of regulation 2, following clause shall be inserted, namely,- "(ea) "Home Regulator" means the regulatory authority that is responsible for regulating the Parent Bank in the jurisdictio....
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....ions, the regulation 6 shall be substituted by the following, namely,- "6. Maintenance of Leverage Ratio Banking Unit shall adhere to the norms and guidelines relating to leverage ratio as may be specified by the Authority, from time to time." 8. In the Principal Regulations, the regulation 7 shall be substituted by the following, namely,- "7. Exposure ceiling ....
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....pen accounts in a freely convertible foreign currency for individuals and corporate or institutional entities, resident in India or outside India, subject to such conditions as may be specified by the Authority. (2) Individuals who are person resident in India are permitted to open, hold and maintain accounts in a freely convertible foreign currency, with a Banking Unit, for undertaking t....