Liberalised Remittance Scheme of USD 25,000 for Resident Individuals- Investor Protection – Disclosure Requirements

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....l Authorised Dealers in Foreign Exchange Madam/Sirs, Liberalised Remittance Scheme of USD 25,000 for Resident Individuals- Investor Protection - Disclosure Requirements Attention of the Authorised Dealers is invited to the instructions contained in A.P. DIR (Series) Circular No. 64 dated February 4, 2004, whereby Reserve Bank announced a Scheme permitting resident individuals to make remi....

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....int of view of protecting the interest of the resident individuals. Further, marketing in India of schemes soliciting foreign currency deposits by foreign entities, not having operational presence in India, also raises supervisory concerns. 3. It has therefore been decided in public interest, that all banks, both Indian and foreign, including those not having an operational presence in India, s....