Define the term "Offshore Banking Unit".
CS Executive · Economic and Commercial Laws · PYQS · December 2018
Define the term "Offshore Banking Unit".
Answer & Explanation:
According to Section 2(u) of the Special Economic Zones Act, 2005, 'Offshore Banking Unit' means a branch of a Bank located in a Special Economic Zone and which has obtained the permission under clause (a) of sub-section (1) of Section 23 of the Banking Regulation Act, 1949.
Topics: Special Economic Zones Act, 2005
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