Financial Daily from THE HINDU group of publications
Sunday, Jan 11, 2004
Financial Daily from THE HINDU group of publications Sunday, Jan 11, 2004 |
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Government
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Financial Policy Money & Banking - Forex Remittances up to $25,000 abroad allowed Our Bureau
New Delhi , Jan. 10 IN yet another move towards capital account convertibility, the Government has allowed citizens to freely remit up to $25,000 a year abroad. This was announced by the Finance Minister, Mr Jaswant Singh, on Friday. As an incentive, individuals would not be required to specify to any authority the purpose for which the remittance is being made. The move, which comes even as the Government allowed companies to investment up to 100 per cent of their net worth abroad, has been made in the backdrop of swelling foreign exchange reserves that had recently crossed the $100-billion mark.
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