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

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....m/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 remittance for an amount not exceeding USD 25,000 per c....

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....nt 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, should seek prior approval from RBI for the schemes bei....