[www.keralites.net] Foreign Remittances – RBI ups limit of inward remittance to 30 in a year

 

Foreign Remittances – RBI ups limit of inward remittance to 30 in a year

The Reserve Bank of India (RBI) on Friday raised the limit on the number of foreign remittances an individual can receive from 12 to 30 per calendar year. However, the cap on the amount of each transaction has been kept unchanged at $2,500 per person.  This had been a long-standing demand from money transfer agents who had received such requests from customers.

According to experts, India is the largest receiver of remittances from other countries. A report released by the World Bank suggested remittances to India would be $64 billion in 2011, marginally higher than those to China. The World Bank had revised the estimates from $58 billion on the basis of the view that a weak rupee and robust economic activities in the Gulf countries would lead to a surge in remittances

 

RBI/2011-12/596
A. P. (DIR Series) Circular No. 132

June 8, 2012

To,

All Authorised Persons, who are Indian Agents under Money Transfer Service Scheme.

Madam/ Sir,

Money Transfer Service Scheme

Attention of all Authorised Persons (APs), who are Indian Agents under the Money Transfer Service Scheme (MTSS) is invited to paragraph 5 © of the Notification dated June 4, 2003 on MTSS and the specific permission accorded to them under FEMA, 1999 by the Reserve Bank to undertake inward cross-border money transfer activities in India, through tie-up arrangements with Overseas Principals.

2. It has been decided to increase the number of remittances from 12 to 30 to be received by a single individual beneficiary in a calendar year.

3. All other instructions contained in the said Notification ibid, as amended from time to time remain unchanged.

4. These guidelines would also be applicable mutatis mutandis to all Sub Agents of the Indian Agents under MTSS and it will be the sole responsibility of the APs (Indian Agents) to ensure that their Sub Agents also adhere to these guidelines.

5. Authorised Persons (Indian Agents) may bring the contents of this circular to the notice of their constituents concerned.

6. The directions contained in this Circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management  Act, 1999 (42 of 1999) and are without prejudice to permissions/approvals if any, required under any other law.

Yours faithfully,

(Rudra Narayan Kar)
Chief General Manager

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