Reserve Bank of India (RBI) has raised the limit for online repatriation of export proceeds by over three-fold to USD 10,000 and made it mandatory for units in Special Economic Zones to repatriate full value of exports within 12 months.
The announcements come at a time the rupee has touched life time low of 58.98 against the US dollar. It has depreciated by 3.5 per cent against dollar in the last two days and by over 8 per cent since April 30.
In a notification, RBI said, "...it has now been decided to increase the value per transaction from $ 3,000 to $ 10,000 for export related remittances received through OPGSPS (Online Payment Gateway Service Providers)."
In a separate instruction, the RBI asked the units in SEZs to repatriate proceeds of their exports within 12 months of the outbound shipments.
"It has now been decided that the units located in SEZs shall realize and repatriate, full value of goods/software/ services, to India within a period of twelve months from the date of export," the Reserve Bank said in a notification.