Invest up to Rs 22.50 lakh overseas!

Reserve Bank of India (RBI) today liberalised the overseas remittance scheme to $50,000 (approximately Rs 22.50 lakh) from the present limit of $25,000.

According to a release issued by the central bank today, the limit of $50,000 under the scheme would also include remittances towards gift and donation by a resident individual, and investment by resident individual in overseas companies.

"The requirement of 10% reciprocal shareholding in listed Indian companies by such overseas companies has been dispensed with," the release added.