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Non-residents can now remit funds to Prime Minister’s National Relief Fund (PMNRF) through exchange houses.
The Reserve Bank of India has permitted such a facility so long as the remittances are directly credited to the Fund by the banks.
Banks are required to maintain the details of the remitters, according to an RBI circular.
This could quicken the entire remittance flow process into PMNRF as banks will not insist for Home Ministry clearance under the Foreign Contribution Regulation Act, said a senior banking industry official.
Promoth Manghat, Vice President-Global Operations, UAE Exchange, said this RBI announcement will open up avenues for NRIs to contribute to causes in their home country.
“Last year saw a good spike in remittances to India due to the weakening of the rupee. Additionally, with the global average cost of remittances heading downwards, NRIs will have easy access to donating to PM relief fund and provide support during natural calamities,” he said.
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