RBI sets up committee on forex facilities to individuals

RBI sets up committee on forex facilities to individuals

Mumbai: The Reserve Bank of India (RBI) on Tuesday set up a committee for streamlining foreign exchange transactions and also invited comments from public and other stakeholders for improving facilities pertaining to investments and repatriation of funds.

The Reserve Bank, while referring to the Monetary Policy Statement for 2011-12, said in a statement that the Committee chaired by former RBI deputy governor K J Udeshi has been set up to streamline and simplify the procedures for facilitating genuine foreign exchange transactions by individuals.

The individuals are categorised into residents, non-resident Indians (NRIs), Persons of Indian Origin (PIOs) and expatriates employed in India under the Foreign Exchange Management Act (FEMA), 1999.

“The Committee will identify areas for streamlining and simplifying the procedure so as to remove the operational impediments, and assess the level of efficiency in the functioning of authorised persons, including the infrastructure created by them," RBI said.

The banking regulator also invited comments and suggestions relating to forex transactions by individuals through post or e-mail by 9 June , 2011.

“The comments or suggestions could relate to deposit account, investment facilities, acquisition and sale of immovable property, remittance or repatriation of funds, remittance facilities for individuals or any other related procedural issue," the apex bank said.