Reserve Bank of India (RBI) has increased the individual annual
foreign exchange remittance limit, virtually tripling it in the last
eight months to $250,000 per person in a year. The central bank decided
to enhance the limit after a review of the external sector outlook and
as a further exercise in macro prudential management, it said in its
sixth bi-monthly monetary policy review on Tuesday.
Earlier in 2013, RBI had reduced the limit to $75,000 but raised it to $125,000 last June seeing the stability in the foreign exchange market. The limit does not come strapped with any end-use restrictions, except for prohibited foreign exchange transactions such as margin trading, lotteries and such transactions.
RBI said that in order to ensure ease of transactions, it has also been decided in consultation with the government that all the facilities for release of exchange/ remittances for current account transactions available to resident individuals under Schedule III to Foreign Exchange Management (current account transactions) Rules 2000, shall also be subsumed under this limit.
Read more at Click here / www.trade4x.net
Earlier in 2013, RBI had reduced the limit to $75,000 but raised it to $125,000 last June seeing the stability in the foreign exchange market. The limit does not come strapped with any end-use restrictions, except for prohibited foreign exchange transactions such as margin trading, lotteries and such transactions.
RBI said that in order to ensure ease of transactions, it has also been decided in consultation with the government that all the facilities for release of exchange/ remittances for current account transactions available to resident individuals under Schedule III to Foreign Exchange Management (current account transactions) Rules 2000, shall also be subsumed under this limit.
Read more at Click here / www.trade4x.net
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