Indy Telecom & Industrial Media

Sometimes, I just amaze myself — as a follow up to my previous blog post, my Dad just sent me this article that talks about how the RBI has eased the currency outflow norms to contain the rise of the Rupee against the US Dollar.

From the article –

In a bid to neutralise the impact of huge capital inflows and check the sustained rise in the rupee’s value against the dollar, the Reserve Bank of India (RBI) has further liberalised the foreign exchange norms to boost the outflow of funds from India. The RBI has now allowed resident Indians to transfer up to $2 lakh (around Rs 80 lakh) a year abroad without its approval under the Liberalised Remittance Scheme (LRS). The earlier limit was $1 lakh (Rs 40 lakh) a year. Now Indians can transfer $2 lakh to acquire and hold immovable property, make investments in financial instruments or purchase any other asset abroad without any prior approval.

Worried muchly about what FIIs might do, me hearties? And of course, there are those exporters who will be taking a hard hit otherwise, too.