Indians can deposit $100,000 in banks abroad-Indians Abroad-The Times of India

Posted by abyjain on August 13, 2007

Indians can deposit $100,000 in banks abroad-Indians Abroad-The Times of India

There is a story here, which commented on how the RBI hd no answer to the rising rupee… well, some people in government definitely do have brains. As per the story in the link above and here, the RBI does have some aces up its sleeve.

As usual… the post of relevance is above…. but this is very big news. Especially for people living in foreign lands who sometimes need money to invest which was till date not allowed under Indian laws. I don’t know if my interpretation is correct, but this measure could do a lot in controlling the value of the rupee cos there are a number of people who would want to invest rupees into dollars into investments outside of the country. Wow! Also, in one stroke it also takes care of a lot of hawala etc. kind of transactions and hence bring more money into the open…. nice move RBI. This is what a strong economy permits us to do…. we can get out of the vicious circles of stifling, killing controls and grey and black-market dealings into a strong and permissive system.

The thing is, for a lot of people, it seemed illogical not to be able to bring money from India when you’re living abroad and need money here. I obviously don’t know the details as of now… but it looks like a good move that regular people like you and me will be able to send a significant amount of money abroad every year and do whatever we see fit with it. Of course, it also takes care of the rupee rise whammy that we were talking about earlier. Hmmm…. things are looking up. I just hope the stock markets also stay up….

Update: I noticed 2 things later …. a) It is for resident Indians (which again means manipulating the system) and b) It has been notified originally since 2004… so why is it in the news now? Some changes?

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