Loans & Advances Restrictions Under Banking Regulation Act Shall Not Be Applicable to IFSC Banking Unit of Foreign Bank
- Blog|News|FEMA & Banking|
- < 1 minute
- By Chetan Kulasri
- |
- Last Updated on 1 March, 2024
Latest from Taxmann
Notification No. S.O. 942(E), Dated: 28.02.2024
The Ministry of Finance has notified an amendment to the Banking Regulation Act, 1949. A new proviso has been inserted in Sub-Section 1 of Section 20 i.e., Restrictions on loans and advances. As per the amended norms, the provisions restricting loans and advances on banking companies shall not apply to loans and advances made by an International Financial Services Centres Banking Unit of a Foreign Bank.
Click Here To Read The Full Notification
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
CA | CS | CMA
