Question
What is the currency for conducting business by the
banking units as per the IFSCA (Banking) Regulations, 2020?Solution
Rule 10. Currency for conducting business A Banking Unit shall conduct such business in freely convertible foreign currencies and with such persons, whether resident or otherwise, as may be specified by the Authority. Provided that a Banking Unit may be permitted to conduct such business in INR with such persons, whether resident or otherwise, as may be specified by the Authority, subject to settlement of the financial transaction in relation to such business in freely convertible foreign currency.
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