Current Context : RBI expanded the scope of remittances to International Financial Services Centres (IFSCs) under the Liberalised Remittance Scheme (LRS).

ABOUT INTERNATIONAL FINANCIAL SERVICES CENTRES

• IFSC caters to customers outside the jurisdiction of the domestic economy.
• Established as a statutory authority under IFSCA Act, 2019.
• Gujarat International Finance Tec-City Co. Ltd is being developed as the country’s first international financial services centre (IFSC).
• GIFT, operationalized in 2015, aims to become India’s gateway for inbound and outbound requirements of the international financial services.
• IFSCA is a unified authority for the development and regulation of financial products, financial services, and financial institutions in IFSC.