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Mar 31, 2021

RBI Extends LRS Guidelines to Include Investments by Resident Individuals in IFSCs

The Reserve Bank of India (‘RBI’) has, by its Circular dated February 16, 2021, permitted resident individuals to make remittances under the liberalised remittance scheme (‘LRS’) to International Financial Services Centres (‘IFSCs’) set up under the Special Economic Zone Act, 2005, subject to: (i) the remittance being made only for investments in securities issued by entities resident in IFSCs; and (ii) a non-interest bearing foreign currency account (‘FCA’) being opened in IFSCs for making investments under LRS. Funds lying idle in the FCA for a period of 15 days must be repatriated to domestic INR account of the investor; and (iii) FCAs in IFSCs cannot be used to settle any domestic transactions with other residents.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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