ICICI Bank ICICI Bank

IMPORTANT INFORMATION

Transfer Limits

  • From Abroad: No transfer limits for funds previously invested under Liberalised Remittance Scheme (LRS)*

  • From India: Remit up to USD 250,000 per financial year, per PAN as per RBI’s Liberalised Remittance Scheme (LRS)

Steps to wire transfer
to GIFT City

Steps to wire transfer
from GIFT City

FAQs

What is the maximum amount that Resident Indians can transfer to GIFT City (Money2world)?

Resident Indians transferring money from India can transfer USD 250,000  per financial year, per PAN basis the RBI’s Liberalised Remittance Scheme.

In case, Resident Indians transfer money from abroad, no LRS limits apply provided a declaration from the RI, with respect to remittances into the FCA from locations other than onshore India, that such remittance represents funds duly remitted earlier under LRS or income earned on the investments made from funds duly remitted earlier under LRS.

For e.g., Rahul Mehta, a start-up founder, from New Delhi, holds USD 1 million in his UK Bank account, can transfer the entire amount to his GIFT City account without any limits.

Are there any specific purposes under which money can be brought into GIFT?

As per IFSCA, the purpose of transferring money to GIFT must come under the purview of LRS. IBU must obtain a declaration from the RI, confirming that amount being spent from its FCA for availing financial services or financial products in IFSC is for the purpose declared while remitting the money to the FCA under LRS.

Who can make transfers to ICICI Bank GIFT City?

Customers of all banks across the world can transfer funds in accepted currencies to ICICI Bank GIFT City.  Any unspent funds lying in GIFT City Global Savings Account held by Resident Indians must be remitted to India within 180 days.

 

 

Disclaimer:

*Provided a declaration from the RI, with respect to remittances into the Foreign Currency Account (FCA) from locations other than onshore India, that such remittance represents funds duly remitted earlier under LRS or income earned on the investments made from funds duly remitted earlier under LRS.

Disclaimer

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