The Reserve Bank of India widened the scope of the remittance scheme by allowing residents to open foreign currency accounts to access financial services and products at India's GIFT International Financial Services Centre.
Earlier, the remittances were only allowed for the payment of fees for education at foreign universities and investments in IFSCs, the central bank said in a statement on Wednesday.
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The apex bank has now decided to allow resident individuals to open foreign currency accounts for financial services or financial products, as well as current or capital account transactions, the central bank said.
Authorised persons shall bring the contents of the circular to the notice of their constituents and customers, the RBI said in its statement. The directions issued by the RBI are under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999.
"This decisive move aligns GIFT IFSC with other global financial centers, allowing resident investors to leverage our platform for a wider range of overseas investments and expenditures," Tapan Ray, MD & group CEO of GIFT City said in a statement.
The RBI has significantly enhanced the attractiveness and utility of GIFT IFSC, Ray said.
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