IFSCA Allows Indian Residents to Open FCA with IBUs – Aug 2025

Introduction:
The International Financial Services Centres Authority (IFSCA) has issued a clarification enabling persons resident in India to open foreign currency accounts with International Banking Units (IBUs) in GIFT IFSC.

Summary:
In line with the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2015, IFSCA has clarified that the term “foreign currency account with a bank outside India” includes accounts opened with IBUs in specified foreign currencies. This means IBUs can now open such accounts for Indian residents without prior approval from the Authority. The change aims to enhance ease of doing business and widen access to international banking facilities for Indian exporters, corporates, and individuals within the IFSC framework.

Read the full notification here: IFSCA Circular – August 13, 2025

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