Bonanza For Indians Visiting Abroad: RBI Raises Foreign Spending Limit
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In a move which would boost spending by Indians when they are on a foreign visit, the Notably, the RBI had reduced this limit to Rs 45 lakh in 2013 owing to extensive devaluation of the Indian currency. In June last year, the limit was again raised to Rs 75 lakh.
"On a review of the external sector outlook and as a further exercise in macro prudential management, it has been decided to enhance the limit under the liberalised remittance scheme to $250,000 (Rs 1.5 crore) per person per year," the RBI said in its sixth bi-monthly review of monetary policy.
RBI Governor
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