Press Releases - RBI - Reserve Bank of India
Press Releases
Sep 06, 2002
Procedure for Release of Foreign Exchange for Medical
Treatment Abroad Liberalised
Treatment Abroad Liberalised
With a view to enabling residents to avail of foreign exchange for medical treatment abroad without any hassles and any loss of time, it has now been decided that authorised dealers may release foreign exchange upto US$50,000, for medical treatment outside India, without insisting on any estimate from a doctor or hospital, on the basis of a declaration of requirement given by the applicant, provided the payment for purchase of such foreign exchange is being made by ch
With a view to enabling residents to avail of foreign exchange for medical treatment abroad without any hassles and any loss of time, it has now been decided that authorised dealers may release foreign exchange upto US$50,000, for medical treatment outside India, without insisting on any estimate from a doctor or hospital, on the basis of a declaration of requirement given by the applicant, provided the payment for purchase of such foreign exchange is being made by ch
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Sep 06, 2002
Liberalisation of Loans from Close Relatives outside India
The Reserve Bank of India has been taking steps towards procedural simplifications and liberalisation of the existing rules and regulations relating to the foreign exchange transactions by residents in India.Under the existing Regulations, residents have general permission to borrow upto US$250,000 from their close relatives resident outside India provided the loan is free of interest and is not repayable before seven years. In view of the representations received by
The Reserve Bank of India has been taking steps towards procedural simplifications and liberalisation of the existing rules and regulations relating to the foreign exchange transactions by residents in India.Under the existing Regulations, residents have general permission to borrow upto US$250,000 from their close relatives resident outside India provided the loan is free of interest and is not repayable before seven years. In view of the representations received by
Aug 29, 2002
RBI to engage Agencies for Distribution of Coins
The Reserve Bank of India has invited applications from agencies for undertaking distribution of coins on an experimental basis. The Reserve Bank, has stated that it will pay service charges to the agencies that undertake distribution of coins. The Reserve Bank will pay a service charge of Rs. 250 per coin bag collected from its counters. The agencies would, however, have to distribute coins to the public at face value without any charge/commission. Coins will be avai
The Reserve Bank of India has invited applications from agencies for undertaking distribution of coins on an experimental basis. The Reserve Bank, has stated that it will pay service charges to the agencies that undertake distribution of coins. The Reserve Bank will pay a service charge of Rs. 250 per coin bag collected from its counters. The agencies would, however, have to distribute coins to the public at face value without any charge/commission. Coins will be avai
Jun 18, 2002
Use of International Credit Cards on Internet
The Reserve Bank of India in paragraph 3, of its Circular AP(DIR Series) No.19 dated October 30, 2000, had indicated that Credit Cards, ATM Cards and Debit Cards etc, being only different methods of payment, all Rules/Regulations and directions issued under the Foreign Exchange Management Act, 1999 (FEMA), apply to Credit Cards, Debit Cards and ATM Cards etc. also. With a view to clarifying the permissible uses of International Credit Cards on Internet, it is clarifie
The Reserve Bank of India in paragraph 3, of its Circular AP(DIR Series) No.19 dated October 30, 2000, had indicated that Credit Cards, ATM Cards and Debit Cards etc, being only different methods of payment, all Rules/Regulations and directions issued under the Foreign Exchange Management Act, 1999 (FEMA), apply to Credit Cards, Debit Cards and ATM Cards etc. also. With a view to clarifying the permissible uses of International Credit Cards on Internet, it is clarifie
May 04, 2002
RBI follows Clean Note Policy : Instals New Machines for Faster Weeding out of Soiled Notes
"The Reserve Bank of India is committing to the 'Clean Note Policy' for the citizens of this country and will command all its resources including technology for achieving the goal due to the nation". Shri Vepa Kamesam, Deputy Governor, Reserve Bank of India stated this while inaugurating the new Currency Verification and Processing Systems (CVPS) at New Delhi office of the Reserve Bank of India. Shri S. S. Kohli, Chairman & Managing Director, Punjab National Bank,
"The Reserve Bank of India is committing to the 'Clean Note Policy' for the citizens of this country and will command all its resources including technology for achieving the goal due to the nation". Shri Vepa Kamesam, Deputy Governor, Reserve Bank of India stated this while inaugurating the new Currency Verification and Processing Systems (CVPS) at New Delhi office of the Reserve Bank of India. Shri S. S. Kohli, Chairman & Managing Director, Punjab National Bank,
Nov 26, 2001
Currency notes and coins of Rs.2 and Rs.5
Denominations are Legal Tender
Denominations are Legal Tender
At certain locations in a few cities/towns, bill boards have appeared indicating that the notes and coins of Rs.2 and Rs.5 denominations have ceased to be legal tender. The report is baseless and misleading. The Reserve Bank of India clarifies that the notes and coins of Rs.2 and Rs.5 continue to be legal tender. The members of public can freely accept and transact their business in these notes and coins and need not to be misled by any such propaganda.N.L. Rao Asst.
At certain locations in a few cities/towns, bill boards have appeared indicating that the notes and coins of Rs.2 and Rs.5 denominations have ceased to be legal tender. The report is baseless and misleading. The Reserve Bank of India clarifies that the notes and coins of Rs.2 and Rs.5 continue to be legal tender. The members of public can freely accept and transact their business in these notes and coins and need not to be misled by any such propaganda.N.L. Rao Asst.
Nov 13, 2001
Foreign Currency Notes and Coins for Travellers Abroad
Authorised dealers and full fledged money changers are now permitted to release foreign exchange in the form of foreign currency notes and coins to travellers abroad upto US $ 2,000 or its equivalent without prior permission of the Reserve Bank of India. The Reserve Bank of India has amended its instructions to this effect with a view to simplifying procedures. The existing limit for releasing foreign exchange to travellers abroad in the form of foreign currency notes
Authorised dealers and full fledged money changers are now permitted to release foreign exchange in the form of foreign currency notes and coins to travellers abroad upto US $ 2,000 or its equivalent without prior permission of the Reserve Bank of India. The Reserve Bank of India has amended its instructions to this effect with a view to simplifying procedures. The existing limit for releasing foreign exchange to travellers abroad in the form of foreign currency notes
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