11 steps to beleguered Indian rupee's redemption

Aug 29 2013, 15:55 IST
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The steps are the latest in a series of extraordinary measures by the RBI to combat a currency fall. Reuters The steps are the latest in a series of extraordinary measures by the RBI to combat a currency fall. Reuters
SummaryThe steps are the latest in a series of extraordinary measures by the RBI to combat a currency fall.

investments (ODI) under the automatic route for all new transactions to 100 percent of net worth from 400 percent.

- The reduced limit would also apply to remittances made by Indian companies setting up unincorporated entities outside of the country in the energy and natural resources sectors, but would not apply to ONGC Videsh Ltd, the foreign unit of Oil and Natural Gas Corp, or Oil India Ltd.

- The RBI has also reduced the limit for remittances made by resident individuals under the liberalised remittance scheme to $75,000 from $200,000 per financial year.

- It has banned use of remittances for purchases of property outside India.

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