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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>RBI Allows Remittances to IFSCs Under LRS for Investments; Foreign Currency Accounts Permitted, Restrictions Apply.</h1> The circular issued by the Reserve Bank of India (RBI) permits resident individuals to make remittances to International Financial Services Centres (IFSCs) in India under the Liberalised Remittance Scheme (LRS). These remittances can be used for investments in IFSCs, excluding securities issued by entities outside IFSCs in India. Individuals may open non-interest-bearing Foreign Currency Accounts in IFSCs for such investments, with idle funds to be repatriated within 15 days. Domestic transactions cannot be settled through these accounts. Authorized Dealer Category-I banks must ensure compliance with LRS terms and report accordingly, adhering to the Foreign Exchange Management Act (FEMA) regulations.
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