Regulation 4 - Regulatory Authority - Foreign Exchange Management (International Financial Services Centre) Regulations, 2015

4. A financial institution or branch of a financial institution shall conduct such business in such foreign currency and with such persons, whether resident or otherwise, as the concerned Regulatory Authority may determine. 1 [ Provided that, Reserve Bank may, through a general or specific permission, allow a financial institution or a branch of a financial institution to conduct such business in Indian Rupee with such persons, whether resident or otherwise as it may determine. ] **************** NOTES:- 1 . Inserted vide Notification No. FEMA. 397/RB-2020 dated 07-01-2020 , w.e.f. 07-01-2020.