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Reinsurance brokers allowed to open foreign currency a/cs

IANS  |  New Delhi 

The of on Thursday allowed brokers to open non-interest bearing foreign currency accounts with banks for undertaking transactions.

Earlier, the (IRDAI) had issued notification and then RBI issued (Foreign Currency Accounts by a person resident in India) Regulations, 2015 - Opening of Foreign Currency Accounts by Re-insurance and

"The extant Regulations regarding opening of foreign currency accounts in by persons resident in India have since been reviewed in consultation with the As notified earlier, and registered with IRDA may open and maintain non-interest bearing foreign currency accounts with an AD in India for the purpose of undertaking transactions in the ordinary course of their business," RBI said.

Foreign currency account would refer to a account held or maintained in currency other than the currency of India or or



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, April 11 2019. 23:16 IST