The Reserve Bank of India (RBI), via a circular issued on July 10, has allowed resident individuals to open foreign currency account (FCA) at GIFT City.

The banking sector regulator also eased the norms pertaining to remittances to International Financial Services Centres (IFSCs) in India under the Liberalised Remittance Scheme (LRS).

RBI said that after conducting a review, it has been decided that "authorised persons" may facilitate remittances for all permissible purposes under LRS to IFSCs for availing financial services or financial products as per the International Financial Services Centres Authority Act, 2019, within IFSCs.

At present, remittances under LRS to IFSCs were allowed only for making investments in in securities - except those issued by entities based in India (outside IFSC) - and payment of fees for education to foreign universities or foreign institutions in IFSCs.