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      Question

      According to the IFSCA (Banking) Regulations 2020, what

      type of accounts can individual's resident in India hold with an IFSC Banking Unit?
      A Only current accounts Correct Answer Incorrect Answer
      B Savings or term deposits in foreign currency Correct Answer Incorrect Answer
      C Only foreign currency current accounts Correct Answer Incorrect Answer
      D Only INR accounts Correct Answer Incorrect Answer
      E Both INR and foreign currency accounts Correct Answer Incorrect Answer

      Solution

      Individuals resident in India are allowed to hold savings or term deposits in foreign currency with an IFSC Banking Unit, provided the transactions comply with the Liberalised Remittance Scheme (LRS) of the Reserve Bank of India

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