The Reserve Bank of India has permitted resident people to make remittances underneath the Liberalised Remittance Scheme (LRS) to International Financial Services Centres (IFSCs) within the nation. The determination of the RBI is aimed toward deepening the monetary markets within the IFSCs and offering a possibility for resident people to diversify their portfolios. The RBI has reviewed the extant tips on LRS and determined to allow resident people to make remittances underneath LRS to IFSCs arrange in India underneath the Special Economic Zone Act, 2005.
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The remittance shall be made just for making investments in IFSCs in securities, apart from these issued by entities/firms resident (exterior IFSC) in India. Any funds mendacity idle within the account for a interval as much as 15 days from the date of its receipt into the account shall be instantly repatriated to home INR account of the investor in India.
Important takeaways for all aggressive exams:
- RBI twenty fifth Governor: Shaktikant Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.
- India’s first IFSC: Gujarat International Finance Tec-City.
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