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Reserve Bank of India (RBI) widened the utilization scope of remittances to International Financial Services Centres (IFSCs) under Liberalised Remittance Scheme (LRS)
Remittances for all current or capital account transactions and for availing financial services or products as per the International Financial Services Centres Authority Act, 2019 within IFSCs have now been permitted to be facilitated by authorized dealer (AD) Banks.
Prior to the issuance of the said circular, remittances to IFSCs under LRS were restricted to investments in securities and payment of fees for specified educational courses at foreign universities/institutions.
Source: A.P. (DIR Series) Circular No. 15 dated 10 July 2024