Rbi Eases Forex Norms
Close on the heels of union finance minister Jaswant Singh recent anouncement of a slew of relaxations on capital controls, the Reserve Bank of India (RBI) today notified forex liberalisation measures for a period up to June 30, 2003.
The central bank said authorised dealers (ADs) can now allow repatriation of funds held by non-resident Indians (NRIs)/ persons of Indian origin (PIO) in their NRO Accounts up to a limit of $ one million.
At present, authorised dealers are allowed to repatriate funds held by NRIs/PIOs in their NRO Accounts for (i) Education upto USD 30,000 per academic year (ii) Medical Expenses upto USD 100,000 (iii) Sale Proceeds of immovable property, held for a period of 10 years, upto USD 100,000 per calendar year.