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RBI raises limit for foreign exchange remittances to USD 25000 | Ratekhoj.com, Best Fixed Deposits, Loans, Insurance Rates and Credit Cards


In a move that would be helpful to many, RBI through a circular issued on May 7, 2012 has further liberalized the foreign exchange remittance limit. The limit for foreign exchange remittance for miscellaneous purposes without documentation formalities, has been raised from USD 5000 to USD 25000 with immediate effect.

The circular states that Authorised Dealers need not obtain any document, including Form A-2, except a simple letter (from the applicant containing the basic information, viz., names and the addresses of the applicant and the beneficiary, amount to be remitted and the purpose of remittance) as long as the foreign exchange is being purchased for a current account transaction, and the amount does not exceed USD 25000 or its equivalent and the payment is made by a cheque drawn on the applicant’s bank account or by a Demand Draft.




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