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IFSC relaxation may boost trade in foreign stocks at the GIFT City

RBI removed requirement of repatriating funds lying idle in FCA accounts

IFSC
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Sundar SethuramanSamie Modak Mumbai

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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

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First Published: Apr 27 2023 | 8:20 PM IST

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