The Reserve Bank of India (RBI) has broadened the scope of remittances to International Financial Services Centres (IFSCs) under the Liberalised Remittance Scheme (LRS). This move allows Indian residents to open foreign currency accounts in GIFT City. On Wednesday, the RBI announced that authorised persons can now facilitate remittances for availing financial services or products as per the International Financial Services Centres Authority Act, 2019, within IFSCs. RBI Approves REC To Set Up Subsidiary in Gujarat’s GIFT City.

RBI Expands LRS Scope

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