RBI permits Indian residents to open foreign exchange accounts in GIFT City
Under the Liberalized Remittance Scheme (LRS), the Reserve Bank of India (RBI) has broadened the scope of remittances to International Financial Services Centres (IFSCs), enabling Indian citizens to open foreign currency accounts in GIFT City. The International Financial Services Centers Authority Act, 2019 within IFSCs permits authorised individuals to facilitate transfers for the purpose of…
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