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An International Financial Services Centres Authority Banking Unit opens an Indian Rupee account as a Special Non-Resident Rupee Account with an Authorized Dealer Bank in India. The account pays administrative expenses in compliance with Reserve Bank of India directions. The change applies to all Banking Units with immediate effect. Banking Units must ensure compliance with these directions.
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[Image omitted. See the official document.]
International Financial Services Centres Authority
CIRCULAR
F.No.110/IFSCA/Banking Regulation/2023-24/2
August 30, 2023
To,
All Banking Units
Dear Sir/Madam,
IFSCA Banking Handbook - Opening of SNRR account with AD Banks in India
Please refer para 6.a.ii of Module 2 (BIFC) of the IFSCA Banking Handbook Conduct of Business (COB) directions v 5.0.
The contents of the abovementioned para shall be replaced by the following with immediate effect :
“An IBU may open an INR account, in the form of a Special Non-Resident Rupee Account (SNRRA), with an AD Bank in India to defray its administrative expenses in compliance with the directions of the Reserve Bank of India in this regard.”
Yours faithfully
(Supriyo Bhattacharjee)
Chief General Manager
Department of Banking Regulation and Development
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