International banking defined

“International banking” or “International 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 international banking. offshore banking