ARTICLE · 09 FEBRUARY 2007

Liberalisation Of Remittance Scheme

Mulla & Mulla & Craigie Blunt & Caroe

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With a view to simplifying the procedures and providing greater flexibility in foreign exchange transactions, the Reserve Bank of India (“RBI”) has vide its circular dated 20th December 2006, liberalized the Remittance Scheme of USD 25,000 (“Scheme”) by enhancing the remittance limit for resident individuals.

IndiaGovernment, Public Sector

Shardul Thacker

With a view to simplifying the procedures and providing greater flexibility in foreign exchange transactions, the Reserve Bank of India ("RBI") has vide its circular dated 20^th December 2006, liberalized the Remittance Scheme of USD 25,000 ("Scheme") by enhancing the remittance limit for resident individuals.

As per the circular, resident individuals would now be allowed to remit up to USD 50,000 per financial year (March – April) for any current or capital account transaction or a combination of both. Previously under the Scheme, resident individuals were permitted to remit only up to USD 25,000 per calendar year for any current or capital account transaction or a combination of both subject to specified terms and conditions including remittance facility not being made available for certain purposes.

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