Rich investors tap GIFT City route as LRS limits pinch, says Julius Baer’s Umang Papneja

India’s wealthy are increasingly turning to GIFT City to channel global investments as traditional overseas routes hit regulatory ceilings and practical limits.

“Around half a billion dollars has already gone into international investing through GIFT City,” said Umang Papneja, CEO, Julius Baer India, speaking at The Wealth Formula's Diwali special roundtable on private wealth. “This is only the beginning. The systems are now getting in place — people know which bankers and AD banks to approach — and that awareness is translating into flows,” he said.

Papneja noted that most Indians so far have invested abroad through feeder funds or the Liberalised Remittance Scheme (LRS).

“The local feeder-fund limit of seven billion dollars is almost over, so only a few funds are open for fresh purc