RBI had announced in its circular that forex Remittance limit for Residential individuals has been increased from USD 75,000 to USD 125,000 per financial year with immediate effect.
RBI on it Circular stated that from now onwards Banks cannot levy penality charges on non-maintenance of minimum balances in inoperative Accounts.
As the Reserve Bank of India has announced recently about its plan to withdraw the currency notes that are issued before 2005, the situation is turning quite weird for common man. Financial experts throughout the nation believe that this move could essentially remove fake currency embedded into the financial system and would also help in uncovering the black money market in the nation.
Reserve bank on Indian on its circular issued a warning to all Virtual Currency users including Bitcoin users in India about the potential financial, operational, legal, customer protection and security related risks that they are exposing themselves to.
Today RBI had announced in its circular that forex Remittance limit for Residential individuals has been reduced from USD 200,000 to USD 75,000 per financial year with immediate effect.
National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the Scheme.