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On Wednesday, RBI reduced the cap on individual remittances abroad from $200,000 (about Rs 1.2 crore) to $75,000 (Rs 45 lakh) and also barred individuals from using funds under the scheme to buy immovable properties abroad.
Payment for imports do not require these two forms.
Oil and gold had accounted for 45 per cent of India's imports bill in 2012-13.
Colombo seems to be veering to the middle path between China and the US on global matters, but in regional matters of strategic security, it is increasingly identifying with India, points out N Sathiya Moorthy.
T K S Elangovan has alleged senior bank officials forged documents and faked authorisation from the RBI, to transport huge sums of hawala money during recent elections in the state.
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According to the global financial services major, the country's Current Account Deficit, which is the difference between the outflow and inflow of foreign currency, has the potential to 'surprise favourably'.
The searches are in connection with alleged violation of foreign direct investment norms that is linked to an earlier case of revocation of Foreign Contribution (Regulation) Act licence of the NGO by the Union home ministry in 2010, the ED said.
Payments banks are niche banks set up by the Reserve Bank of India to further the agenda of financial inclusion.
Of the 700-odd Indians having foreign bank accounts, not all can be deemed to be operating these illegally.
Asked about the report, MEA spokesperson Anurag Srivastava said, "The political judgements of Freedom House are as inaccurate and distorted as their maps."
The 30-share Sensex ended up 203.97 points to trade at 18,516.91 and the 50-share Nifty rose 63.30 points at 5,471.75 levels.
The broader markets gained with mid-caps and small-caps rising 0.7-0.9 per cent on the BSE.
Its entry will increase competition especially when WhatsApp too has received approvals to launch payment service.
UAE Exchange partners ElectraCard Services to launch 'gocash', which enables cardholders to use appropriate currency loaded on the card.
'This prime minister thinks he knows everything.' 'He has to consult, he has to talk and he has to mobilise the best people, but having seen him function, I have no expectations from him.'
In absolute terms, the CAD stood at $4.6 billion in the current fourth quarter, compared with $13 billion in the year-ago quarter and $17.7 billion in the third quarter of fiscal year 2018-19.
The Reserve Bank of India (RBI) has liberalised the procedure for facilitating the import of rough diamonds (termed roughs in the trade).
Exchange rates play an important factor in international fund transfers
This is SBI's second forex technology initiative.
Giving more freedom to individuals travelling abroad, they may soon be allowed to spend $2 lakh overseas in a year as against the present ceiling of $75,000.
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Large state-run entities and business houses will not be allowed to set up small finance banks, which will have to comply with statutory reserve requirements.
'It could tempt investors to pick stocks that are not fundamentally sound.'
The Income Tax department will investigate over 60,000 individuals under the second phase of the 'Operation Clean Money'.
There are allegations that Wal-Mart put money into the domestic multi-brand retail chain despite a ban.
Higher imports and moderating exports growth has lead to the widening of the CAD.
Banking operations including cheque clearance across the country got affected on Monday as bankers under the aegis of the United Forum of Bank Unions have gone on a nationwide strike to protest against the proposed privatisation of two state-owned lenders.
Inoperative accounts are those accounts where contributions are not made for more than 36 months. The Employees Provident Fund Organisation has stopped crediting interest in these inoperative accounts.
The Enforcement Directorate has begun a probe into the source of alleged foreign funds received in the accounts of journalist Syed Mohd Ahmad Kazmi arrested in connection with the bomb attack on an Israeli embassy vehicle.
If net forex outflows turn out to be relatively high in the next few years, the rupee could depreciate beyond Rs 80 to a dollar by 2022. The causal reasons could, for example, include unmet expectations of FPI and FDI investors about the performance of the Indian economy, sharp rise in prices of imported oil and decrease in FX remittances. The RBI has to ask itself whether guaranteeing future rupee-dollar exchange rates on FX forward contracts is a reasonable way to use its risk-bearing capacity, says Jaimini Bhagwati.
Higher crude oil prices also translate into better corporate earnings for India's top companies
New Delhi should resist any temptation to act as spoiler and instead should cooperate with its SCO partners in reaching a regional consensus behind the formation of an interim government in Kabul, argues Ambassador M K Bhadrakumar.
Overseas Indian Affairs Minister Vayalar Ravi said the diaspora community has been contributing significantly to India's economy by sending billion of dollars in remittances and government is launching the scheme to support them on their return to the country.
The Enforcement Directorate on Monday questioned the wife of journalist Syed Mohammed Ahmad Kazmi, arrested in the Israeli diplomat car bombing case, in its probe into the source of alleged foreign funds received by the couple.
According to the report, the magnitude of internal migration is about two-and-a-half times that of international migration.
The Board of Control for Cricket in India on Saturday refuted allegations that it violated India's foreign exchange regulations while conducting the second edition of the Indian Premier League in South Africa in 2009, insisting that all the payments were "bona fide and legitimate".
Kerala, which largely depends on remittances of around two million Malayalis working in the Gulf, has now become a thriving job market for workers hailing from Assam, West Bengal, Bihar and Orissa.
Post Office has 1,54,000 rural branches.
