Definition of offshore banking
“Offshore banking” or “offshore banking business” means:-
(a) receiving, borrowing or taking up foreign money exclusively
from non-residents at interest or otherwise on current account,
savings account, term deposit or other similar account and
which according and subject to arrangement is repayable on
the cheque, draft, order, authority or similar instrument of the
customer, and investing the foreign money so received by
lending, giving credit or otherwise exclusively to non-residents;
or
(b) carrying on exclusively with non-residents such other activities
as are customarily related or ancillary to off-shore banking.
(2) Paragraphs (a) and (b) of subsection (1) above do not include banking
business which is carried on with non-residents by banks licensed under the
Banks and Financial Institutions Act.
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