Sunnyvale, CA- With an aim to liberalize documentation requirements, the Reserve Bank of India (RBI) has raised the limit for foreign exchange remittance for miscellaneous purpose without documentation process to US$25000 from US$5000.

In the year 2002, Authorized Dealers were directed to release up to US$500 or its equivalent for all transactions upon obtaining a letter from the applicant that includes basic information. In the year 2003, the foreign exchange limit was extended to US$5000 and the same has now been further increased to US$25000.

The RBI has now made it clear that authorised dealers do not require obtaining Form A-2 in cases where foreign exchange is bought for current account transaction and if the sum does not surpass US$25000 or its equivalent. Also, the payment must be done using a cheque drawn on the applicant's bank account or by a demand draft.

Please call/email for more details.

Get the latest press releases and updates on international tax, HR, Finance, compliance and other legal news at Nair & Co. Industry Alerts.

About Nair & Co.
Nair & Co. provides you with your one touch outsourced finance, compliance, HR and legal department for your international operations. If you are expanding abroad for the first time, our turnkey solution will help you do so with minimal risk, stress and cost. We currently support more than 4000+ client operations in over 50 countries and have core offices in U.K., India, China, U.S., Japan and Singapore. Nair & Co. was named among the top 100 outsourcing services providers in the world by the International Association of Outsourcing Professionals (IAOP). Learn more at www.nair-co.com

Nair & Co.
1250 Oakmead Parkway, Suite 210
Sunnyvale, CA 94085, U.S.
+1 408.515.6887

This release was published on openPR.