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This notification has come into effect from 05.07.2021. In the International Financial Services Centres Authority (Banking) Regulations, 2020 (as amended) (hereinafter referred to as the Principal Regulations), clause (c) of sub regulation (1) of regulation 2 shall be substituted by the following, namely,— “(c) “IFSC Banking Unit” or “Banking Unit” means a financial institution under clause (c ) of sub-section (1) of Section 3 of the Act that is licensed by the Authority to undertake permissible activities under these regulations;” In the Principal Regulations, the clauses (e), (g), (k) and (l) in sub-regulation (1) of regulation 2 shall be omitted. In the Principal Regulations, after clause (e) of sub-regulation (1) of regulation 2, following clause shall be inserted, namely,— “(ea) “Home Regulator” means the regulatory authority that is responsible for regulating the Parent Bank in the jurisdiction where the Parent Bank is incorporated, licensed or established;” In the Principal Regulations, clause (a) of sub-regulation (3) of regulation 3 shall be substituted, by the following, namely,— "(a) The Parent bank shall provide necessary capital for the BU, subject to a minimum of USD 20 million or such other level of capital that may be specified by the  Authority. Such capital shall be maintained at the Parent Bank in the manner as specified by the Authority." In the Principal Regulations, sub-regulation (2) of regulation 4 shall be substituted by the following, namely,— “(2) Banking Units shall continue to comply with the directions and instructions issued by their Home Regulator, unless otherwise specified by the Authority." In the Principal Regulations, the regulation 6 shall be substituted by the following, namely,— “6. Maintenance of Leverage Ratio Banking Unit shall adhere to the norms and guidelines relating to leverage ratio as may be specified by the Authority, from time to time.” In the Principal Regulations, the regulation 7 shall be substituted by the following, namely,— “7. Exposure ceiling Banking Unit shall adhere to the norms and guidelines relating to exposure ceiling as may be specified by the Authority, from time to time.” In the Principal Regulations, the regulation 8 shall be substituted by the following, namely,— “8. Reserve requirements The liabilities of a Banking Unit, other than the deposits raised from individuals resident in India or outside India, shall be exempt from Cash Reserve Ratio or other such requirements. The deposits raised from individuals resident in India or outside India shall be subject to such reserve ratios as may be specified by the Authority.”