The Reserve Bank of India (RBI) has expanded the scope of remittances to International Financial Services Centres (IFSCs) under the Liberalised Remittance Scheme (LRS). This allows resident Indians to open fixed deposits in dollars at GIFT IFSC, facilitating various financial services and products as per the International Financial Services Centres Authority Act, 2019.
Tapan Ray, MD and Group CEO, GIFT City, stated that the move positions GIFT IFSC alongside global financial centers, providing resident investors with broader investment opportunities. Jaiman Patel, Partner at EY India, emphasized the benefits for IFSC banks and insurance companies, noting improved accessibility and flexibility for international investments.
It remains uncertain if LRS funds can be used to invest in derivatives within the IFSC jurisdiction.
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