IFSCA ISSUES NEW DIRECTIONS FOR OPERATION OF FOREIGN CURRENCY IN IFSC ACCOUNT OF RESIDENT INDIVIDUALS UNDER LRS
The RBI had issued a Circular1 (‘RBI Circular’) permitting Indian Resident Individuals (‘RIs’) to open Foreign Currency Account (‘FCA’) with IFSC Banking Units (‘IBUs’) for receiving remittances under Liberalised Remittance Scheme (‘LRS’) for:
