Reserve Bank of India (RBI) on 13 March 2014 hiked the trade related remittance limit from 2 lakh rupees to 5 lakh rupees per transaction with immediate effect. It also increased the number of transaction handled by exchange houses.
RBI decided to increase the limit of trade transactions on a review of the permitted transactions under the Rupee Drawing Arrangements (RDAs). These changes have been included in Memorandum of Instructions for Opening and Maintenance of Rupee/Foreign Currency Vostro Accounts of Non-resident Exchange Houses.
Earlier, in 2009 RBI rationalised norms on maintenance of rupee/foreign currency Vostro accounts of non-resident Exchange Houses. It was in view of the increased number of transactions being handled by the Exchange Houses and the rapid developments in the communication facilities.
Besides RBI informed that the government has notified the repurchase of its securities through reserve auction for an aggregate amount of 15000 crore (face values). Bids for the auction will be submitted in electronic format on the RBI crore Banking Solution (E-Kuber) system on 18 March 2014.
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