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          FEMA

          Can bankers open foreign currency accounts in India for residents under LRS?

          Liberalised Remittance Scheme - As on Apr 06, 2023

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          Liberalised Remittance Scheme prohibits banks from opening foreign currency accounts in India for resident individuals under current guidance. Under the Liberalised Remittance Scheme, banks are not permitted to open or maintain foreign currency accounts in India for resident individuals; the LRS does not authorise such account opening and functions as a prohibition on this banking practice under the applicable foreign exchange framework.
                            Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                              Provisions expressly mentioned in the judgment/order text.

                                  Liberalised Remittance Scheme prohibits banks from opening foreign currency accounts in India for resident individuals under current guidance.

                                  Under the Liberalised Remittance Scheme, banks are not permitted to open or maintain foreign currency accounts in India for resident individuals; the LRS does not authorise such account opening and functions as a prohibition on this banking practice under the applicable foreign exchange framework.


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