By Jayshree P Upadhyay
MUMBAI (Reuters) – Indians have been allowed wider usage of foreign currency accounts at the Gujarat International Finance Tec-City, or GIFT City, boosting business prospects for a finance hub pushed by Prime Minister Narendra Modi.
GIFT City, launched in the western state of Gujarat by Modi in 2011, has been planned as an alternative to regional financial centres like Dubai. It offers easier regulations compared with the rest of India but has seen a slow pick up in interest from foreign investors.
The latest changes, announced by the Reserve Bank of India in a circular late on Wednesday, allow Indian investors to use GIFT City as a route for more overseas spending and investments.
Indians are allowed to remit up to $250,000 overseas each year for education and medical expenditure as well as certain kinds of investments.
So far, foreign currency accounts in the finance hub could only be used for investing in…
