On Thursday, Reserve Bank of India hiked the trade related remittance limit from Rs.2 lakh to Rs.5 lakh per transaction, amid increased number of transactions handled by exchange houses.
“On a review of the permitted transactions under the rupee drawing arrangements (RDAs), it has been decided to increase the limit of trade transactions from the existing Rs.2 lakh to Rs.5 lakh per transaction, with immediate effect,” the RBI said.
For this necessary changes have been made in memorandum of instructions for opening and maintenance of rupee/foreign currency Vostro accounts of non-resident exchange houses.
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