The International Financial Services Centres Authority (IFSCA), on June 19, 2026, amended its circular on Permissible Transactions through Special Non-Resident Rupee (SNRR) Accounts of IFSC Units to align with recent changes to the Authority’s Anti-Money Laundering, Counter-Terrorist Financing, and Know Your Customer framework.
Under the revised provisions, financial institutions operating as units in an International Financial Services Centre (IFSC) may use an SNRR account opened with an authorised dealer bank in India (outside the IFSC) to receive or transact monetary consideration arising from business-related transactions conducted outside the IFSC. Amounts received in such SNRR accounts are required to be remitted to the institution’s account maintained with an IFSC Banking Unit (IBU) in a specified foreign currency within 30 working days from the date of receipt.
The circular further clarifies that the remittance requirement will not apply to amounts credited to the SNRR account for meeting administrative expenses. The amendment has been issued under Sections 12 and 13 of the International Financial Services Centres Authority Act, 2019, and came into force with immediate effect.
[Circular No. IFSCA-FMPP0BR/4/2024-Banking]
