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ARTICLE · 08 SEPTEMBER 2024

IFSCs

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RBI, vide circular dated July 10, 2024, has further liberalised remittances under the liberalised remittance scheme via IFSCs by allowing remittances.

IndiaFinance and Banking
Anish Mashruwala
Anish Mashruwala
Shrijita Bhattacharya
Shrijita Bhattacharya
Deboshree Mukherjee
Deboshree Mukherjee
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Remittances to IFSCs under the liberalised remittance scheme

RBI, vide circular dated July 10, 2024, has further liberalised remittances under the liberalised remittance scheme via IFSCs by allowing remittances for:

  1. availing financial services/financial products as per the IFSCA Act, 2019 within IFSCs; and
  2. all current/capital account transactions, in any other foreign jurisdiction (other than IFSCs) through a foreign currency account held in IFSCs.

Permission granted to IFSCs banking units to participate in the synthetic securitisation program of its parent bank

IFSCA, vide circular dated July 11, 2024, has permitted IFSC Banking Units ("IBUs") to participate in the synthetic securitisation program of its parent bank subject to following conditions:

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