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The Reserve Bank of India today revised the current forex restrictions. Arvind Mayaram, Economic Affairs Secretary, today said that individuals can no longer use forex for buying realty abroad. RBI also reduced an individual's forex limit to $75,000 a year from the current $200,000. However, Mayaram did say that, the Apex Bank was willing to consider geniune forex needs under approval route.
Mayaram said that the current steps were taken to cut forex outflows by resident Indians and were aimed at moderating forex outflows. According to the revised norms, an Indian can now invest overseas only upto 100% of his networth compared to 400% earlier.
Mayaram said that the current steps were taken to cut forex outflows by resident Indians and were aimed at moderating forex outflows. According to the revised norms, an Indian can now invest overseas only upto 100% of his networth compared to 400% earlier.
RBI also imposed a ban on import of gold in the form of coins and medallions.
