Indian investors can now open forex accounts in GIFT City as RBI allows it By Viram Shah, Co-founder, & CEO, Vested Finance
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Below the Quote on Indian investors can now open forex accounts in GIFT City as RBI allows it By Viram Shah, Co-founder, & CEO, Vested Finance
The recent decision by the Reserve Bank of India (RBI) to permit resident Indians to open bank accounts in the GIFT city in foreign currencies is expected to have a significant impact on the investment landscape in the country. This move will provide Indian residents with increased flexibility for global investing and spending. By opening accounts in GIFT city, Indian individuals will be able to keep their funds within the Indian financial system while still participating in global financial activities. This development is seen as a positive step, especially for High Net Worth Individuals (HNIs) who currently tend to open accounts in financial hubs like Dubai and Singapore. Furthermore, this announcement is viewed as a progressive measure towards achieving full convertibility of the Indian rupee and establishing it as a truly global currency, says Viram Shah, Co-founder, & CEO, Vested Finance.
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