Monday, 13 August 2007

Donations come under $1 lakh remittance cap

BS Reporter / Mumbai August 13, 2007
Remittances towards gifts and donations have been brought under the ambit of remittance scheme of individuals up to $1,00,000.

The Reserve Bank of India has clarified transactions which could be undertaken through this scheme in a notification to the bankers. This is an extension of the earlier scheme in February 2004, which allowed $25,000 as remittance through individuals.

Now, there is no separate limit for making remittance for gifts and donations, even for smaller denominations.

The remittance scheme can be used for purchase of objects of art or invest in units of mutual funds, venture funds, unrated debt securities and promissory notes. However, the investment in such securities should be done through bank accounts opened abroad sunder the scheme. [Read more]

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