​RBI Allows Foreign Currency Accounts in IFSC

On 10th July, 2024, the Reserve Bank of India (RBI) has expanded the scope of remittances to International Financial Services Centres (IFSCs) under the Liberalised Remittance Scheme (LRS) allowing Indian residents to open foreign currency accounts in Gujarat International Finance Tec-City (GIFT City).

Current Scenario

  • At present, remittances under LRS to IFSCs can be made only for making investments in IFSCs in securities except those issued by entities/ companies resident in India (outside IFSC) and payment of fees for education to foreign universities or foreign institutions in IFSCs for pursuing certain courses.

Key Points

  • RBI decided to allow authorised persons ....

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