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Reinsurance brokers permitted to open foreign currency accounts: RBI

Press Trust of India  |  Mumbai 

The of Thursday said brokers have been permitted to open non-interest bearing foreign currency accounts with banks for undertaking transactions.

Earlier, the (Irdai) had issued notification in this regard.

Following the Irdai's notification, the extant regulations regarding opening of foreign currency accounts were reviewed.

"... and registered with Irdai may open and maintain non-interest bearing foreign currency accounts with an AD in for the purpose of undertaking transactions in the ordinary course of their business," the RBI said.

Foreign currency account refers 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. 21:10 IST