Reserve Bank of India Mid-term Review of Annual Policy for 2006-2007?

Question

As I got to know from the latest RBI Mid-term Review of Annual Policy for 2006-2007 that "Resident individuals would henceforth be free to remit up to US$50,000 per financial year for any current or capital account transaction or a combination of both, as against the earlier limit of US$25,000. The existing facilities for gifts, donations and investment by resident individuals in overseas companies would be subsumed under this revised limit. The existing facility for private travel up to US$10,000 per financial year will continue to be available on a self-declaration basis."

I would like to remit up to US$50,000 per Resident individual per financial year for 4(Four) Resident Indian Accounts.

Kindly let me know the procedure about how can I remit funds.

Answer 1

ASK SOMEONE OVER THERE IN INDIA !!!