The International Financial Services Centres Authority vide circular no. e-file no. IFSCA-FMPP0BR/4/2024-Banking stated that foreign currency account with a bank outside India can include an account opened with an IBU in a specified foreign currency. Therefore, IBUs are permitted to open such accounts for Indian residents without needing prior approval from the IFSCA. This circular shall come into force from 13th August 2025. Please refer the circular for more details.