How to open a Foreign Currency Account (FCA) in GIFT City?


The Reserve Bank of India (RBI) has announced a significant expansion of the Liberalised Remittance Scheme (LRS), allowing Indian residents to open Foreign Currency Accounts in GIFT* City under the International Financial Services Centres Authority Act, 2019. This new provision enables residents to access a wide range of international financial services. 

Go to 👁️‍🗨️ to learn more about Foreign Currency Accounts (FCA) before opening it. ODFC team will help to get you FCA as per your requirements. It can be used for current or capital account transactions in any foreign jurisdiction, broadening your investment opportunities and facilitating global financial activities. 

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*What is the GIFT City?

GIFT City stands for Gujarat International Finance Tec-City. It is a special economic zone in form of a planned business district in Gujarat. This is situated at a 20 minutes’ drive from the Ahmedabad Airport. It is India’s first International Financial Services Centre (IFSC). An IFSC Unit for a financial institution or a bank is treated as “Non-Resident” under the Indian Exchange Control Regulations. It is akin to a foreign territory and the transactions carried out there are permitted only in foreign currency and not in INR.

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