Strict checks coming in! RBI to tighten rules for overseas remittances by resident Indians; here’s what is being planned

The Reserve Bank of India plans to tighten regulations on international money transfers by Indian residents, targeting foreign currency deposits with lock-in periods. These modifications aim to prevent the Liberalised Remittance Scheme from being used for passive wealth shifting, a concern for the RBI. https://ift.tt/ZGX8dgK