RBI vide notification dated June 22, 2023 has revised the norms for Remittances to International Financial Services Centers (IFSCs) under the Liberalized Remittance Scheme (LRS). Presently, remittances to IFSCs under LRS can be made only for making investments in securities.
It is directed that Authorized Persons may facilitate remittances by resident individuals under purpose ‘studies abroad’ as mentioned in Foreign Exchange Management (Current Account Transactions) Rules, 2000 for payment of fees to foreign universities or foreign institutions in IFSCs for pursuing courses.
