RBI in a bi-monthly Monetary Policy Statement on June 3, 2014, announced 3 important measures related to Non Resident Indians (NRI), Foreign Portfolio Investors (FPI) and foreign exchange remittances by Resident Indians: 1. Last year, to stem rupee depreciation and restrict outward remittances, the eligibility limit for foreign exchange remittances under the Liberalized Remittance Scheme […]
On August 14, 2013, RBI made 5 important changes to address the depreciating rupee. Whenever RBI takes such measures, NRIs are sure to benefit. Two changes are aimed at attracting foreign exchange from NRIs in long term NRE or FCNR bank deposits and other three are related to preserving the foreign exchange by restricting access […]