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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

B If the transaction is settled in foreign currency

C If the customer is based in India

D If the transaction is for an amount below INR 1 crore

E If permission is granted by the Ministry of Finance

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