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.