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      Question

      Under what condition can an IFSC Banking Unit (IBU)

      conduct business in Indian Rupees (INR) as per the IFSCA (Banking) Regulations 2020?
      A If approved by the Reserve Bank of India Correct Answer Incorrect Answer
      B If the transaction is settled in foreign currency Correct Answer Incorrect Answer
      C If the customer is based in India Correct Answer Incorrect Answer
      D If the transaction is for an amount below INR 1 crore Correct Answer Incorrect Answer
      E If permission is granted by the Ministry of Finance Correct Answer Incorrect Answer

      Solution

      An IFSC Banking Unit (IBU) may conduct business in INR only if the financial transaction is settled in a specified foreign currency

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