The International Financial Services Centres Authority, (IFSCA) on January 29, 2025, issued a notification regarding the amendment in Internet banking facilities for the Special Non-Resident Rupee (SNRR) accounts of IFSC units.
A recent amendment to the Foreign Exchange Management (Deposit) Regulations, 2016, notified on January 14, 2025, now allows SNRR accounts of IFSC units opened with authorized dealers to be used for all business-related transactions. The Authority had earlier mandated IBUs to provide internet banking services to their clients, and it is now expected that all types of internet banking services—information service, interactive exchange, and transactional service—be extended to SNRR accounts of IFSC units. IBUs are directed to coordinate with their banks for the early rollout of such services. Additionally, IBUs must submit a quarterly status report to the Authority, starting with the quarter ending March 31, 2025, until the facility is operationalized.
