Reinsurance Brokers have been permitted by the Reserve Bank of India (RBI) to open non-interest bearing foreign currency accounts with banks for undertaking transactions.
a. Reinsurance Brokers
b. Insurance Brokers
c. Stock Brokers
d. Real Estate Brokers
What is a Foreign Currency Account?
- Foreign currency account refers to a bank account held or maintained in currency other than the currency of India or Nepal or Bhutan.
How it happened?
- Earlier, the Insurance Regulatory and Development Authority of India (IRDAI) had issued a notification and then the RBI issued Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015 - Opening of Foreign Currency Accounts by Re-insurance and Composite Insurance brokers.
About the Insurance Regulatory and Development Authority of India (IRDA):
- IRDA is tasked with regulating and promoting the insurance and re-insurance industries in India.
- IRDA was founded in 1999.
- It is headquartered at Hyderabad.
- It's Chairperson is Subhash Chandra Khuntia.
Question:
Q. Who have been permitted by the Reserve Bank of India (RBI) to open non-interest bearing foreign currency accounts with banks for undertaking transactions?a. Reinsurance Brokers
b. Insurance Brokers
c. Stock Brokers
d. Real Estate Brokers
