The International Financial Services Centers Authority through circular dated 21 May 2021 has withdrawn the guidelines on issuance of certificate of deposits issued on 10 May, 2021. The guidelines provided that the banking units may issues CDs denominated in any convertible foreign currency and up to the amount depending on their funding requirements to persons resident in India and persons resident outside India as defined in the Foreign Exchange Management Act,1999 and prohibited Qualified Individual (‘QI’) or Qualified Resident Individual (‘QRI’) from investing in CDs.
