Question

    What among the followingis the new provision has the

    Reserve Bank of India (RBI) allowed for resident individuals?
    A Opening Fixed Deposits in IFSC at GIFT City Correct Answer Incorrect Answer
    B Opening Foreign Currency Accounts (FCAs) in the International Financial Services Centre (IFSC) at GIFT City Correct Answer Incorrect Answer
    C Investing in overseas mutual funds through IFSC at GIFT City Correct Answer Incorrect Answer
    D Purchasing property through IFSC at GIFT City Correct Answer Incorrect Answer
    E Opening Savings Accounts in IFSC at GIFT City Correct Answer Incorrect Answer

    Solution

    The RBI has allowed resident individuals to open Foreign Currency Accounts (FCAs) in the IFSC at GIFT City, Gujarat, under the Liberalised Remittance Scheme (LRS).

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