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RBI relaxes remittance rules

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  • RBI relaxes remittance rules

    On Tuesday, the Reserve Bank of India relaxed remittance rules to allow you to send abroad $50,000 (Rs 23 lakh) per year.

    For students and those going abroad for employment or medical treatment, the ceiling is $100,000. There were relaxations for NRIs as well.

    The RBI has now allowed them to sell property in India and remit up to $100,000 (Rs 46 lakh) during a financial year.

    Earlier, there was a lock-in period for remitting money generated through the sale of immovable property. Indian nationals were earlier permitted to remit $25,000 a year for all current and capital account transactions.

    They could also remit another $5,000 as gift or donations overseas. But now there is no separate provision for gifts or donation.

    Allowing higher amounts to be invested abroad is in line with the recommendations of an RBI task force which had suggested a phased increase to $200,000 by 2011.