The Reserve Bank of India’s (RBI’s) decision on Wednesday to relax restrictions on banks operating in the International Financial Services Centre (IFSC) related to the repatriation of idle funds in foreign currency accounts (FCA) could give a fillip to trading in foreign stocks at the GIFT City.
The RBI also removed restrictions on individuals from opening interest-earning FCA at an IFSC.
“Being able to earn interest on the FCA account shall encourage resident Indians to open an account in IFSC banking units and foster investments in stocks and other securities of overseas entities available in IFSC. The 15-day timeframe was quite stringent since it wouldn’t give one sufficient time to decide which investment instrument to opt for from the options available,” said Neha Malviya Kulkarni, chief growth officer, SuperNAV.
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