Foreign Exchange Management (Offshore Banking Unit) Regulations, 2002

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..... ed in the Official Gazette of Government of India - Extraordinary - Part-II, Section 3, Sub-Section (i) dated 19.10.2002 - S.O. No. 3327 In exercise of the powers conferred by Section 6, Section 7, Section 8, Section 9 and Section 47 of the Foreign Exchange Management Act, 1999 (Act 42 of 1999) and all other powers enabling it in this behalf, the Reserve Bank of India makes the following Regulati .....

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..... ment of India; v. Words and expressions used but not defined in these Regulations shall have the same meanings respectively assigned to them in the Act. CHAPTER- II PART 1 3. Notwithstanding the status, as an authorised dealer, of the bank setting up the Offshore Banking Unit, and save as otherwise directed by the Reserve Bank, the Offshore Banking Unit shall not be regarded as an authorised .....

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..... e to the extent the latter is eligible to enter into or undertake such transaction, within the ceilings and subject to the conditions specified in the Regulations governing such transaction. 8. Engagement of an Offshore Banking Unit in any of the forms of business specified in sub-section (1) of section 6 of the Banking Regulation Act, 1949 shall be only in foreign exchange and shall be subject t .....

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