Now resident Indians can open foreign currency accounts in Gujarat’s GIFT City

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The Reserve Bank of India (RBI) has expanded the scope of its Liberalised Remittance Scheme (LRS) to include International Financial Services Centres (IFSCs). This change enables residents of India to open foreign currency accounts at Gujarat’s GIFT City. The central bank has also authorized all current and capital account transactions in other foreign jurisdictions.

The initiative now permits account opening for purposes including property purchase abroad, insurance, investments, and education loan repayments.

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Previously restricted to investments in foreign securities and university fee payments, the revised guidelines enable Indian residents to also initiate fixed deposits in foreign currencies, including dollars, within Gift City banks. This move aims to streamline foreign exchange transactions and facilitate seamless remittances.

The development positions Gift City as a prominent international financial centre, expected to bolster India’s financial sector and attract global investors. It promises increased accessibility for individuals to engage in global financial markets.

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