MUMBAI: Reserve Bank of India has permitted NRIs to
send remittances more frequently, a step to boost foreign
currency inflows and check rupee fall. Resident Indians
are now allowed to receive as many as 30 remittances
from NRI friends and relatives during a year as against
12 earlier. Analysts said the RBI decision would help
raise foreign exchange reserves which can strengthen
the weak rupee.In the circular addressed to authorised
Indian agents under the Money Transfer Service Scheme
(MTSS), RBI directed them to bring this to the notice
to sub-agents as well and ensure the adherence to the
guidelines. RBI had taken several initiatives in the last
few weeks to arrest the fall of the rupee against the
dollar. The Indian currency has been declining continuously
since March and touched a historic low of 56.38
to a dollar last month. MTSS is a quick and easy way
of transferring personal remittances from abroad to beneficiaries
in India. Only personal remittances such as
remittances towards family maintenance and remittances
favouring foreign tourists visiting India are permissible.
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