The Reserve Bank of India (RBI) has increased the outward remittance limit under the Liberalised Remittance Scheme (LRS) from $125,000 to $250,000 per person per financial year. The RBI had in August 2013 reduced the limit from $200,000 per financial year to $75,000 to check the falling rupee. It was later increased to $125,000.
The central bank has withdrawn the 80:20 gold import scheme under which the importer had to mandatorily export 20% of the imported gold. Nominated banks are now permitted to import gold on a consignment basis. All sale of gold domestically will, however, be against upfront payments. The RBI has now allowed banks to grant gold metal loans.
Investors will receive unified single statement for all dematerialised accounts across capital market products from March 1. The unified statement would have details of demat accounts for equity, debt, bond and mutual fund investments of one individual investor or entity. An investor would get a unique identity number through which he/she would receive a comprehensive picture of his investments.
The Employees' Provident Fund Organisation (EPFO) has launched a help desk to assist inoperative account holders in settlement or transfer of their funds. Currently, around Rs 27,000 crore is lying unclaimed with the EPFO. Accounts which have not received any contribution for the last 36 months are considered as inoperative and so do not earn any interest.