Remittances to International Financial Services Centres (IFSCs) in India under the Liberalised Remittance Scheme (LRS)

RBI vide notification No. RBI/2020-21/99 dated 16th February, 2021 has issued a notification with respect to remittances to IFSCs under LRS.
It has been decided to permit resident individuals to make remittances under LRS to IFSCs set up in India through AD Category- I Banks, subject to the following conditions:
i) The remittance shall be made only for making investments in IFSCs in securities, other than those issued by entities resident (outside IFSC) in India.
ii) Resident Individuals may also open a non interest bearing Foreign Currency Account (FCA) in IFSCs, for making the above permissible investments under LRS.
iii) Resident Individuals shall not settle any domestic transactions with other residents through these FCAs held in IFSC.

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12029&Mode=0

Add Comment

Required fields are marked *. Your email address will not be published.