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
#NewsFlash | #RBI allows resident #Indians to open bank accounts in #GIFTCity in Foreign Currencies pic.twitter.com/8CqAfmIlcw
— CNBC-TV18 (@CNBCTV18Live) July 11, 2024
(SocialLY brings you all the latest breaking news, viral trends and information from social media world, including Twitter, Instagram and Youtube. The above post is embeded directly from the user’s social media account and Today News 24 Staff may not have modified or edited the content body. The views and facts appearing in the social media post do not reflect the opinions of Today News 24, also Today News 24 does not assume any responsibility or liability for the same.)
