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of <h1>RBI Circular Liberalizes Remittances: Up to $100K for Personal Needs, $1M for Consultancy Projects Abroad.</h1> The circular from the Reserve Bank of India addresses the liberalization of current account transactions under the Foreign Exchange Management Act, 1999. It informs authorized dealers about the allowance for remittances up to USD 100,000 for purposes such as employment, emigration, maintenance of relatives, and education abroad. Additionally, it permits remittances up to USD 1 million per project for consultancy services sourced from outside India, contingent upon satisfactory documentation. The circular references amendments to the Foreign Exchange Management (Current Account Transactions) Rules, 2000, as notified in the Official Gazette. These directions are issued under specific sections of the Act.
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