Deposit up to 100k dollars in banks abroad

MUMBAI: As part of efforts to flush out excess foreign capital, Reserve Bank has allowed resident Indians to open accounts in banks outside the country and transfer up to 100,000 dollars (about Rs 41 lakh) a year in them without its approval.
Individuals can now open, maintain and hold foreign currency accounts with banks outside India, the Reserve Bank said, while clarifying the provisions of the Liberalised Remittance Scheme (LRS).

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