The Reserve Bank of
India (RBI) has further eased the process for resident Indians to send money
abroad for purchase of property.
In a notice to all
banks, the central bank RBI has said that residents can remit up to $ 1,25,000
a financial year for purchasing property outside India and that there was no
need to report the transaction.
As a step to
liberalise the remittance scheme, the banking regulator RBI had on July 17,
2014 raised the limit to $ 1,25,000 per financial year from $ 75,000 for
resident individuals.
Accordingly, banks
that are authorised to deal with foreign currencies, have been allowed to remit
up to $ 1,25,000 per financial year for a current or / capital account
transaction or / a combination of both.
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