RBI hiked the Cap for Online Repatriation of Export Proceeds
The cap on online repatriation of export proceeds was raised by to 10000 US dollars by RBI to arrest the slide in the value of rupee and boost Forex inflows.
Reserve Bank of India (RBI) on 11 June 2013 raised the limit for online repatriation of export proceeds by over three-folds to 10000 US dollars. RBI also made it mandatory to repatriate full value of exports within 12 months for units in Special Economic Zones (SEZs). The decision from RBI came up with an aim of arresting the rupees slide by boosting Forex inflows. At present the rupee has touched its life time low of 58.98 against the US dollar and in last two days it has gone down by 3.5 percent against dollar. Since April 2013, it has gone down by 8 percent.
At present, banks can offer the facility to repatriate export related remittances via online payment gateway for export of goods and services up to 3000 US dollar per transaction. In case of SEZs also earlier there existed no time limit for realization of exports. The new instructions from RBI came into force with immediate effect.