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.