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of <h1>Regulator allows resident exporters to open foreign currency accounts abroad, including IFSCs, for export receipts and payments</h1> A central regulatory amendment to the foreign currency account rules adds a definition for International Financial Services Centre (IFSC) and permits resident exporters to open, hold and maintain foreign currency accounts with banks outside India for realisation of export receipts and advance remittances. Such account funds may be used to pay for imports into India or repatriated to India within three months if held with a bank in an IFSC, or by the next month for banks in other jurisdictions, after adjusting for forward commitments, subject to existing export realisation and repatriation requirements. An explanation clarifies that 'outside India/abroad' includes IFSCs.
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