Money & Banking

RBI allows foreign inwards remittances into PM-CARES Fund

Our Bureau Mumbai | Updated on April 03, 2020

The Reserve Bank of India (RBI), in consultation with the Government of India, has decided to permit receipt of foreign inward remittances from non-residents through non-resident exchange houses in favour of the ‘Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM-CARES) Fund’.

This move comes in the wake of outbreak of the novel coronavirus (COVID-19) pandemic.

The foreign inward remittances from non-residents under the Rupee Drawing Arrangement (RDA) channel is subject to the condition that AD (authorised dealer) Category-I banks have to directly credit the remittances to the Fund and maintain the full details of the remitters.

Published on April 03, 2020

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor