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Reserve Bank of India (RBI) notifies additional purpose for which remittances to International Financial Services Centres (IFSCs) can be made under Liberalised Remittance Scheme (LRS)
RBI has permitted remittances by resident individuals to foreign universities or foreign institutions in IFSCs for pursuing specified courses (Financial Management, FinTech, Science, Technology, Engineering and Mathematics) as covered under the purpose ‘studies abroad’ in Schedule III of Foreign Exchange Management (Current Account Transactions) Rules, 2000 (CA Rules).
Earlier, the remittances to IFSCs under LRS were permitted for making investments in securities.
Source: A.P. (DIR Series) Circular No. 06 dated 22 June 2023