RBI allows inward money transfers of up to 30 times a year

The Reserve Bank of India (RBI) has increased the number of inward money transfers by non-resident Indians, through tie-up arrangements with overseas principals, to 30 from the existing 12, in a bid to boost foreign exchange inflows.

''It has been decided to increase the number of remittances from 12 to 30 to be received by a single individual beneficiary in a calendar year,'' RBI said in a notification today.

The new guidelines are applicable to all authorised persons (APs), who are Indian agents under the Money Transfer Service Scheme (MTSS) and RBI has accorded specific permission to them under FEMA, the notification said.

All other instructions regarding such money transfers amended from time to time remain unchanged, RBI said.

These guidelines would also be applicable mutatis mutandis to all sub agents of the Indian agents under MTSS and the Indian agents should ensure that their sub agents also adhere to these guidelines, RBI said.

The measure is another step to help boost dollar inflows and protect a weakening rupee.