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of <h1>Regulation allows resident exporters to open foreign currency accounts abroad including IFSCs for full export realisation and controlled repatriation</h1> The regulation amends foreign currency account rules by adding a definition for International Financial Services Centre (IFSC) and permitting resident exporters to open, hold and maintain foreign currency accounts with banks outside India, including in an IFSC, for realisation of full export value and advance remittances. Funds must be utilised for imports into India or repatriated within three months if held with a bank in an IFSC, or by the next month for other jurisdictions, subject to export realisation and repatriation requirements. The amendment takes effect on publication in the Official Gazette.
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