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of <h1>RBI Raises Foreign Exchange Limit for Imports to $5000, Simplifies Documentation Under FEMA 1999.</h1> The circular issued by the Reserve Bank of India announces the liberalization of foreign exchange release for imports. The limit for remittances without documentation has been increased from USD 500 to USD 5000. Authorized Dealers are no longer required to obtain Form A-1; a simple letter with basic details suffices, provided the transaction is a current account transaction and does not exceed USD 5000. These changes aim to simplify the process for import-related foreign exchange transactions. The circular is issued under the Foreign Exchange Management Act, 1999, and should be communicated to relevant parties.
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