In view of the amendment to the Circular titled “Exempting certain entities/activities from the applicability of IFSCA (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022”, dated November 18, 2024,
through the Circular dated June 19, 2026, issued by the Authority, it has been decided to substitute Clause 3 of the SNRR Circular dated January 29, 2025 as under:
“All Financial Institutions may note that an amendment to the regulations, notified on January 14, 2025, permits a unit set up in an IFSC 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 such financial institution may transact or receive the monetary consideration (i.e. funds/fees/amount etc.) emanating from business-related transactions outside IFSC through the said SNRR account, subject to the condition that the amount so received shall be remitted to the account maintained by such financial institution with an IBU in a specified foreign currency within a period of thirty (30) working days from the date of its receipt in the SNRR account: Provided that the requirement of remittance shall not be applicable on amounts credited to such SNRR account for meeting administrative expenses
For details: CLICK HERE
