Can an Offshore Banking Unit (OBU) in India be treated on par with a branch of the bank outside India for the purpose of opening of foreign currency accounts by residents under the Scheme?
No. For the purpose of the Scheme, an OBU in India is not treated as an overseas branch of a bank in India. General Information For further details/guidance, please approach any bank authorised to deal in foreign exchange or contact Regional Offices of the Foreign Exchange Department of the Reserve Bank.
Ans. No. For the purpose of the Scheme, an OBU in India is not treated as an overseas branch of a bank in India. General Information For further details/guidance, please approach any bank authorised to deal in foreign exchange or contact Regional Offices of the Foreign Exchange Department of the Reserve Bank.
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