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

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..... e 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 diversify their portfoli .....

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..... 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 other terms and conditions, includin .....

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..... lar to the notice of their constituents and customers. 5. The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions/approvals, if any, required under any other law. Yours faithfully Ajay Kumar Misra Chief General Manager-in-Charge - Circ .....

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