Opening of an account of a person resident in India
IFSCA circular IFSCA-FMPP0BR/4/2024-Banking · 13 Aug 2025
IFSCA circular IFSCA-FMPP0BR/4/2024-Banking · 13 Aug 2025
Summary
Check the official recordThe International Financial Services Centres Authority (IFSCA) has clarified that the term “foreign currency account with a bank outside India,” as referenced in the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2015, includes accounts opened with an International Financial Services Centre Banking Unit (IBU). Consequently, IBUs are permitted to open such foreign currency accounts for persons resident in India under the circumstances specified in the 2015 regulations without requiring prior approval from the Authority. This clarification is effective immediately.
What you must do
Key dates
Who is affected
[Image omitted. See the official document.]
International Financial Services Centres Authority
CIRCULAR
e-file No. IFSCA-FMPP0BR/4/2024-Banking August 13, 2025
To, All Banking Units in IFSC
Madam/Sir,
Subject : Opening of an account of a person resident in India
IBUs may please refer sub-paras (B) to (F) of para 5 (Opening, holding and maintaining a Foreign Currency Account outside India) of the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2015 dated January 14, 2015 (as amended) that specify circumstances in which a person resident in India may open, hold and maintain a foreign currency account with a bank outside India.
It is hereby clarified that the term “foreign currency account with a bank outside India” used in the abovementioned regulations shall include an account opened with an IBU in any of the specified foreign currencies.
IBUs may therefore open such accounts for persons resident in India without prior permission of the Authority.
This Circular is issued in exercise of powers of section 12 and 13 of the IFSCA Act, 2019, and this Circular shall come into force with immediate effect.
Yours faithfully
(Supriyo Bhattacharjee) Chief General Manager Department of Banking
Page 2 of 2