Our Bureau

Mumbai , Dec. 20

The Reserve Bank of India has come out with guidelines on resident individuals remitting up to $ 50,000 against the earlier $ 25,000, a measure announced in the mid-term review of annual policy statement, 2006-07. Resident individuals can now remit up to $ 50,000 per financial year (April-March) for any current or capital account transactions or a combination of both.

The amount would include remittances towards gift and donations by a resident individual, said the RBI. Investment by resident individuals in overseas companies would come under this limit.

The requirement of 10 per cent reciprocal shareholding by overseas companies in Indian listed entities has been done away with.

The RBI also said banks should seek prior approval for the schemes being marketed by them in India to residents either for soliciting foreign currency deposits for their foreign-overseas branches or for acting as agents for overseas mutual funds or any other foreign financial services company.