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ARTICLE · 11 MAY 2007

Remittance Scheme Liberalized

Mulla & Mulla & Craigie Blunt & Caroe
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The Reserve Bank of India ("RBI"), with a view to simplify procedures and providing enhanced flexibility in respect of foreign exchange transactions, had liberalized the remittance scheme by enhancing the then existent remittance limit of USD 25,000.

IndiaFinance and Banking
Shardul Thacker
Shardul Thacker

The Reserve Bank of India ("RBI"), with a view to simplify procedures and providing enhanced flexibility in respect of foreign exchange transactions, had liberalized the remittance scheme by enhancing the then existent remittance limit of USD 25,000. Accordingly, on 20th December 2006, the remittance scheme was liberalized, pursuant to which an individual resident in India was permitted to remit upto USD 50,000 per financial year for any current or capital account transaction or combination of both. The cap of USD 50,000 would include remittances made by resident individuals by way of gifts and donations.

In accordance with the Annual Policy Statement for the year 2007-08, the RBI has on 8th May 2007, announced further liberalization of the remittance scheme in respect of resident individuals whereby the existing remittance limit of USD 50,000 per financial year has now been enhanced to USD 100,000 per financial year (April – March).

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