IFSCA has directed all Financial Institutions that a unit in an IFSC under the Special Economic Zones are permitted to open an SNRR account with an authorised dealer in India (outside IFSC) for its business related transactions outside IFSC.
In this regard, it is clarified that all units in an IFSC shall ensure transacting or receiving the monetary consideration relating to delivery of a financial service (i.e. funds/fees/amount) only through an account maintained with a Banking Unit in IFSC.
The scheme also provisions to facilitate credit linkages by connecting beneficiaries with loan programs offered by the National Minorities Development & Finance Corporation (NMDFC).
These new guidelines aim to align with the changing dynamics of the economy while ensuring that credit flows to sectors that contribute significantly to the
The SCI is envisioned as a key advisory body, providing strategic insights and guidance on various facets of insurance and reinsurance regulation at GIFT-IFSC.
The guidelines will be adopted for the implementation of the URTDSM (Phase-II) project and all upcoming schemes. These guidelines will be applicable to all upcoming
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