2.1 Cash and cash equivalents

Cash and cash equivalents as of March 31, 2024, and March 31, 2023, include restricted cash and bank balances of $42 million and $44 million, respectively. The restrictions are primarily on account of bank balances held by irrevocable trusts controlled by the Company.

The deposits maintained by the Group with banks and financial institution comprise of time deposits, which can be withdrawn by the Group at any point without prior notice or penalty on the principal.