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:
In today's time from social media graphics and presentations to resumes and business documents, Canva…
The Group of Seven (G7) is the most powerful and influential forums of seven country,…
As we all know that BMW is one of the most recognizable luxury automobile brands…
From premium watches and jewellery to eyewear and smart wearables, Titan has become India's one…
If you have ever purchased the spectacles online, visited a Lenskart store once or watched…
Tripura's traditional musical instrument Sarinda recognized as the Geographical Indication (GI) tag and it shows…