The Reserve Bank of India has permitted resident individuals to make remittances under the Liberalised Remittance Scheme (LRS) to International Financial Services Centres (IFSCs) in the country. The decision of the RBI is aimed at deepening the financial markets in the IFSCs and providing an opportunity for resident individuals to diversify their portfolios. The RBI has reviewed the extant guidelines on LRS and decided to permit resident individuals to make remittances under LRS to IFSCs set up in India under the Special Economic Zone Act, 2005.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
The remittance shall be made only for making investments in IFSCs in securities, other than those issued by entities/companies resident (outside IFSC) in India. Any funds lying idle in the account for a period up to 15 days from the date of its receipt into the account shall be immediately repatriated to domestic INR account of the investor in India.
Important takeaways for all competitive exams:
India is famous for its high mountain roads that go through the great Himalayas. These…
In a major move aimed at improving customer convenience and financial inclusion, the Reserve Bank…
In India’s fast-growing aviation sector, two aircraft giants dominate the skies: Boeing and Airbus. These…
In India’s rapidly expanding aviation sector, Air India and IndiGo stand out as two of…
Chocolate is one of the most loved sweets in the world. While we usually buy…
Ustad Ghulam Nabi Shah, affectionately known as Hamle Bulbul, the celebrated torchbearer of Kashmiri folk…
![](data:image/svg+xml;charset=utf-8,<svg height="169px" width="300px" xmlns="http://www.w3.org/2000/svg" version="1.1"/>)
![](data:image/svg+xml;charset=utf-8,<svg height="34px" width="156px" xmlns="http://www.w3.org/2000/svg" version="1.1"/>)
![](data:image/svg+xml;charset=utf-8,<svg height="218px" width="300px" xmlns="http://www.w3.org/2000/svg" version="1.1"/>)
