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of <h1>RBI Tightens Forex Outflow: Overseas Direct Investment and Remittance Limits Slashed to Address Economic Concerns.</h1> The Reserve Bank of India has implemented measures to control foreign exchange outflows by resident Indians due to macroeconomic concerns. The Overseas Direct Investment limit under the automatic route is reduced from 400% to 100% of an Indian party's net worth, except for certain public sector units in the oil sector. The Liberalised Remittance Scheme limit for individuals is cut from USD 200,000 to USD 75,000 per year, though they can now establish joint ventures or wholly owned subsidiaries abroad within this limit. Restrictions on using the LRS for certain transactions remain, and acquiring immovable property abroad is now prohibited.
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