RBI Allows Indians To Open Foreign Currency Accounts in Gujarat's GIFT City
The Reserve Bank of India (RBI) has broadened the scope of remittances to International Financial Services Centres (IFSCs) under the Liberalised Remittance Scheme (LRS).
The Reserve Bank of India (RBI) has broadened the scope of remittances to International Financial Services Centres (IFSCs) under the Liberalised Remittance Scheme (LRS). This move allows Indian residents to open foreign currency accounts in GIFT City. On Wednesday, the RBI announced that authorised persons can now facilitate remittances for availing financial services or products as per the International Financial Services Centres Authority Act, 2019, within IFSCs. RBI Approves REC To Set Up Subsidiary in Gujarat’s GIFT City.
RBI Expands LRS Scope
#NewsFlash | #RBI allows resident #Indians to open bank accounts in #GIFTCity in Foreign Currencies pic.twitter.com/8CqAfmIlcw
— CNBC-TV18 (@CNBCTV18Live) July 11, 2024
(The above story first appeared on LatestLY on Jul 11, 2024 08:10 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
