Liberalised remittance limit increased, allowing resident individuals larger annual outward transfers under prescribed conditions. The Reserve Bank increases the annual ceiling under the Liberalised Remittance Scheme for resident individuals to a higher limit per financial year for current or capital account transactions, expressly including gifts, donations and investments in overseas companies while removing the previous reciprocal shareholding requirement; AD Category I banks are to permit remittances within the revised limit, collect prescribed Application cum Declaration forms, and submit quarterly reports of applicants and amounts remitted.
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The Reserve Bank increases the annual ceiling under the Liberalised Remittance Scheme for resident individuals to a higher limit per financial year for current or capital account transactions, expressly including gifts, donations and investments in overseas companies while removing the previous reciprocal shareholding requirement; AD Category I banks are to permit remittances within the revised limit, collect prescribed Application cum Declaration forms, and submit quarterly reports of applicants and amounts remitted.
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