RBI expands LRS to allow Indian residents to open foreign currency accounts in GIFT City for broader investment and spending purposes.
The Reserve Bank of India (RBI) has expanded the Liberalised Remittance Scheme (LRS) to allow Indian residents to open foreign currency accounts in Gujarat International Finance Tec-City (GIFT City) for a wider range of purposes, including overseas spending and investments. This move aims to align GIFT IFSC with other global financial centers, offering Indian residents a wider range of overseas investments and expenditures. This decision also clarifies that the LRS can be used for investments, insurance payments, and education loan repayments in foreign currency, enhancing the attractiveness and utility of GIFT IFSC.
July 10, 2024
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