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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>RBI amends Foreign Exchange Management regulations increasing remittance limits and allowing 100% crediting to foreign currency accounts</h1> The Reserve Bank of India issued amendments to Foreign Exchange Management regulations governing foreign currency accounts held by Indian residents. The amendments allow 100% crediting of foreign exchange earnings to Exchange Earners' Foreign Currency accounts, effective November 30, 2006. The regulations also revised limits for remittances to overseas branches, increasing initial expense limits from 2% to 10% and recurring expense limits from 1% to 5%, effective April 21, 2006. Further amendments established percentage-based limits tied to annual sales income or net worth for branch remittances, effective December 4, 2006. The notification clarifies that retrospective application will not adversely affect any person.
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