NEWS & ADVICE : CREDIT CARDS
Number of overseas inward remittances hiked by RBI
By Ankit Sharma
Jun 12, 2012
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The country's apex banking institution, Reserve Bank of India has raised the limit on the number of times an Indian citizen can be given remittances from abroad in one year. A person can now receive funds from abroad 3o times a year.

Earlier this limit was set at 12.This change has been done by the RBI in the anticipation of attracting more foreign exchange.

The bank released a circular which stated that everybody under this Money Transfer Service Scheme is to follow the new RBI norms. Those who have to follow these norms include all Authorized Indian Agents and their sub-agents.


 


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