RBI measures to control the fall of Indian Rupee Indian Rupee has been in news because of recent fall against the dollar. Rupee has fallen more than 18% in just 3 months time against dollar. This week, the rupee touched a historic all-time low by dropping to Rs 65 (against $1).The reasons behind the depreciating rupee are global economic scenario, the demand for the Dollar being more than its supply and volatility in the equity market. To protect Rupee, the Reserve Bank of India has initiated the following steps to stop the sliding rupee. Reduced the limit of Overseas Direct Investment (ODI) under automatic route from 400% of the net worth of an Indian Party to 100% of its net worth. Reduced the limit of remittances by Resident Individuals, under the Liberalized Remittance Scheme (LRS Scheme), from USD 200,000 to USD 75,000 per financial year. LRS for acquisition of immovable property outside India directly or indirectly will, henceforth, not be allowed. Prohibition on inward shipment of gold coins, medallions without license. Copyright © 2013 SPCA Corporate Services, All rights reserved.
Posted on: Sat, 24 Aug 2013 08:50:20 +0000
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