ICICI Bank Users Can No Longer Use Foreign Remittance Route To Invest In Crypto Assets

ICICI Bank Users Can No Longer Use Foreign Remittance Route To Invest In Crypto Assets

SUMMARY

The ICICI bank has tweaked ‘retail outward remittance application form’ where customers will have to declare that the proposed investments will not be used for purchase crypto assets

The users are asked to sign the declaration while applying for LRS

Other banks are also expected to tweak their retail outward remittance application form

After shutting most of the banking services for crypto exchanges, ICICI Bank has now asked its customers not to use the RBI’s liberalised remittance scheme (LRS) for crypto-related investments.

As part of the declaration under FEMA, the bank has tweaked its ‘retail outward remittance application form’ where customers will have to declare that the proposed investments will not be used for purchase crypto assets.

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