GIFT City funds ask government to undo RBIs foreign asset reporting mandate

Rajul Bohra, partner at JSA Advocates and Solicitors, said, “The RBI’s clarification requiring IFSC units to make FLA filing could create a lot of chaos if not resolved. Since FEMA treats Gift City as non-resident Indian, the region has a lot of advantages that make it attractive. But if RBI, which helps implement FEMA, treats it as resident Indian for this purpose, then regulations get complicated.”