The amendment introduces the definition of International Financial Services Centre (IFSC) by adopting the meaning under the IFSCA Act. It permits persons resident outside India to open, hold, and maintain Special Non-Resident Rupee (SNRR) Accounts with authorised dealers in India, their overseas branches, and branches located in IFSCs. The scope of SNRR accounts has been expanded to facilitate permissible current and capital account transactions with residents and bona fide transactions with non-residents. It also permits specified transfers from NRO accounts to NRE and SNRR accounts within prescribed limits.