Remittances to International Financial Services Centres (IFSCs) in India under the Liberalised Remittance Scheme (LRS)

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....SCs) in India under the Liberalised Remittance Scheme (LRS) Please refer to the Statement on Development and Regulatory Polices announced as part of the Bi-monthly Monetary Policy Statement dated February 05, 2021 on the above subject. 2. With a view to deepen the financial markets in International Financial Services Centres (IFSCs) and provide an opportunity to resident individuals to diver....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... in the account for a period upto 15 days from the date of its receipt into the account shall be immediately repatriated to domestic INR account of the investor in India. (iii) Resident Individuals shall not settle any domestic transactions with other residents through these FCAs held in IFSC. 3. AD Category - I banks, while allowing such remittances, shall ensure compliance with all o....