RBI's Latest Move: Opening Forex Accounts in GIFT City for Indian Residents

Wednesday, 10 July 2024, 23:37

The RBI has announced a significant expansion of the Liberalized Remittance Scheme (LRS) by allowing Indian residents to open forex accounts in GIFT City. This move enables residents to remit money for various purposes through these accounts, in compliance with RBI regulations. The introduction of forex accounts in GIFT City marks a notable shift in capital flow management for Indian investors, offering increased flexibility and potential opportunities for global financial transactions.
Indiatimes
RBI's Latest Move: Opening Forex Accounts in GIFT City for Indian Residents

RBI's Expansion of LRS Scope Through Forex Accounts in GIFT City

The RBI has broadened the scope of the Liberalized Remittance Scheme (LRS) for Indian residents.

Key Points:

  • Forex Accounts in GIFT City: Residents can open forex accounts for various remittances.
  • RBI Compliance: Accounts operate under RBI regulations.
  • Capital Flow Management: Offers enhanced flexibility and opportunity for global transactions.

This move by the RBI facilitates easier access to international investments and transactions for Indian residents.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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