India Tightens Rules on Overseas Remittances

  Published 1 year ago

India's RBI plans to ban lock-in on foreign deposits under LRS to curb passive capital outflows and safeguard forex reserves.

  • RBI to restrict time deposits, interest-bearing accounts in LRS to prevent misuse for passive wealth shifting.
  • Outward remittances under LRS rose to $173.2 million in March, with concerns over parking funds abroad.
  • New rules won't impact equities, mutual funds, or property investments allowed under the scheme.

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