The Reserve Bank of India (RBI) has aligned the Liberalised Remittance Scheme (LRS) for International Financial Services Centres (IFSCs) set up under the International Financial Services Centres Authority Act, 2019, with that for other foreign jurisdictions.
RBI said resident Individuals may also open a Foreign Currency Account (FCA) in IFSCs, for making the permissible investments under LRS.
Thus, the condition of repatriating any funds lying idle in the account for a period up to 15 days from the date of its receipt is withdrawn with immediate effect. LRS for IFSCs shall now be governed by the provisions of the scheme as contained in the Master Direction on LRS.