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An Offshore Banking Unit refers to a branch of a bank in India located in the Special Economic Zone and holding an authorization issued under the Banking Regulation Act, 1949.
Prohibitions:
An Offshore Banking Unit is not regarded as an authorized dealer for the purpose of the Foreign Exchange Management Act, 1999, its Rules or Regulations, unless so directed by the Reserve Bank.
An Offshore Banking Unit shall be governed only by the Reserve Bank Regulations and no other Regulations shall apply to it.
An Offshore Banking Unit shall not conduct any activity or undertake any transaction with residents in India, unless the Reserve Bank permits it.
Permissible Transactions by an Offshore Banking Unit:
An Offshore Banking Unit may undertake the following transactions:
foreign exchange transactions with any authorized dealer in India only on principal-to-principal basis;
foreign exchange transaction with a unit located in Special Economic Zone, subject to the specified ceilings and other conditions.
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