 "Exporters can retain $ 3,000 per transaction abroad: RBI")
Mumbai: The Reserve Bank of India today enhanced the limit for retaining foreign currency abroad to $ 3,000 per transaction for exporters against the existing $ 500.
It has now been decided to increase the value per transaction from $ 500 to $ 3,000 for export related remittances received through Online Payment Gateway Service Providers (OPGSPS), RBI said statement.
The present instructions have been reviewed in the context of requests received from exporters for suitable
enhancement of the value of the transaction from $ 500, it said.
This facility is only available in case of transaction carried online. The revised directions will come into force with immediate effect, it added.
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It was observed that a few OPGSPs have not only facilitated conclusion of the transactions, but also allowed exporters to retain the export proceeds abroad without repatriation resulting in violation of the provisions of FEMA, 1999.
This is the second benefit that exporters got during this week.
Earlier this week, the RBI announced 2 per cent interest subsidy on Rupee export credit to the labour-oriented and small scale sectors to cushion them from slowdown in the major markets like the US and Europe.
Exporters of handicrafts, handlooms and carpets will be eligible for the interest subvention to be available upto March 31, 2012, the RBI said.
The exporters in the small and medium enterprises across all the sectors would also be entitled for cheaper bank credit, subject to a minimum interest rate of 7 per cent.
In a direction to the banks, the RBI said the government has decided to extend the scheme from April 2011 to March 2012, for the four category of exporters.
PTI