RBI Update – Remittances to International Financial Services Centres (IFSCs) under the Liberalised Remittance Scheme (LRS)

It has been decided that Authorised Persons may facilitate remittances for all permissible purposes under LRS to IFSCs for:

1. Availing financial services or financial products as per the International Financial Services Centres Authority Act, 2019 within IFSCs; and
2. All current or capital account transactions, in any other foreign jurisdiction (other than IFSCs) through an FCA held in IFSCs.

For these permissible purposes, resident individuals can open Foreign Currency Account (FCA) in IFSCs.

Link – https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12699&Mode=0