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Foreign Remittance Route can no longer be used by ICICI users for Crypto-Investment

ICICI Bank has warned its clients not to utilize the RBI's liberalized remittance scheme (LRS) for crypto-related investments, after shutting down most banking services for crypto exchanges. The bank has revised its ‘retail outward remittance application form' as part of the FEMA declaration, requiring clients to swear that the intended investments will not be used to acquire cryptocurrencies.
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