The RBI removed a requirement for Indian residents to repatriate funds that lie idle for 15 days in GIFT City bank accounts. Restrictions on interest-bearing accounts also relaxed.
April 27, 2023In February, SEBI advised mutual funds to halt further investments in foreign stocks to avoid breaching industry-wide regulatory limits.
June 21, 2022India INX and NSE IFSC are planning to launch trading in international stocks to provide new opportunities to retail investors.
August 11, 2021Separately, a new framework has been issued allowing professional services firms including consultancies, fund administrators and trustees to set up in GIFT City.
February 18, 2021Funds deposited in GIFT City foreign currency accounts by Indian residents can only be used for investment purposes and not for spending.
February 10, 2021A new panel has been appointed to provide recommendations on attracting international retail business to Gift City, India’s international financial services centre.
August 11, 2020The RBI requires the quoting of permanent account numbers for all transactions. It has also tightened the definition of “close relative” for funds sent for the “maintenance” of close relatives under its remittance regulation.
June 21, 2018