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Remittances to International Financial Services Centres (IFSCs) in India under the Liberalised Remittance Scheme (LRS) - FEMA - 11

Extract

..... entres (IFSCs) and provide an opportunity to resident individuals to diversify their portfolio, the extant guidelines on Liberalised Remittance Scheme (LRS) have been reviewed and it has been decided to permit resident individuals to make remittances under LRS to IFSCs set up in India under the Special Economic Zone Act, 2005, as amended from time to time. Accordingly, AD Category - I banks may allow resident individuals to make remittances under LRS to IFSCs in India, subject to the following c .....

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Remittances to International Financial Services Centres (IFSCs) in India under the Liberalised Remittance Scheme (LRS) - FEMA

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..... tions and rules issued/notified by the Reserve Bank of India and the Government of India respectively under Foreign Exchange Management Act (FEMA), 1999. Further, compounding of any contravention of FEMA provision by such person resident in India shall be dealt by the Reserve Bank of India in accordance with the extant instructions/provisions on compounding of contraventions under FEMA. 4. Master Direction No.7 (Master Direction - Liberalised Remittance Scheme) is being updated to reflect the ab .....

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Remittances to International Financial Services Centres (IFSCs) in India under the Liberalised Remittance Scheme (LRS) - FEMA

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