Foreign spending limit up |
The Reserve Bank of India on February 3 increased the amount Indians can remit in foreign exchange without end-use restrictions. The RBI has enhanced the limit under the Liberalized Remittance Scheme (LRS) to $250,000 per person per year, from $125,000. Resident individuals can acquire and hold shares or debt instruments or any other assets outside India, without prior approval of the Reserve Bank. Individuals can also open, maintain and hold foreign currency accounts with banks outside India for carrying out transactions permitted under the scheme. Most Indians generally remit abroad for the purpose of funding stock and mutual fund investments, purchasing gifts, donations or medical expenses and in some cases for buying properties.
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