The International Financial Services Centres Authority (IFSCA) on August 30, 2023, issued a notification regarding the Banking Handbook - Opening of SNRR account with AD Banks in India
The following has been stated namely: -
• This has a reference to para 6.a.ii of Module 2 (BIFC) of the IFSCA Banking Handbook Conduct of Business (COB) directions v 5.0.
• It states that 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.”
• It further states that the IBUs are directed to ensure compliance with the directions in this circular
[Circular No. F.No.110/IFSCA/Banking Regulation/2023-24/2]
