
India Increases Currency Remittance to $250,000
According to The Economic Times, the Reserve Bank of India (RBI) has increased the limit of currency remittance. Indian nationals can now remit USD 250,000 per person per fiscal year without seeking permission from the RBI. In 2013, the limit was only at USD 75,000, and was increased to USD 125,000 in June 2014. RBI Governor Raghuram Rajan stated, “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 LRS to $250,000 per person per year.”
This is welcoming news for future EB-5 investors from India. USCIS requires tracing of the investor’s funds, which can be complicated if investors need to use intermediaries due to country restrictions. Indian nationals will be able to invest in the U.S. with much more ease.