Any remittance request beyond $1 million per financial year needs the approval of the Reserve Bank of India (RBI). The regulations allow the RBI to permit higher remittances if the absence of fund transfer would cause hardship to the person staying overseas, or the need for remittance arose on account of legacy, bequest, or inheritance. Earlier, the regulator used to give the go-ahead to transfers beyond the permissible remittance limit on grounds mentioned in its responses to FAQs (frequently asked questions) on ‘remittance of assets’. However, this has virtually come to a halt in the last year, senior practitioners told ET. 🔥 Limited-Time Offer: Grab a Special Deal on our Comprehensive GST Courses!

Source: Economic Times August 14, 2023 12:44 UTC