RBI allows Foreign Inward Remittances from Non-Residents to PM-CARES Fund
In the wake Coronavirus ( COVID-19) outbreak, Reserve Bank of India has decided to permit the receipt of foreign inward remittances from non-residents through non-resident exchange houses in favour of the ‘Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM-CARES) Fund’. The Decision has been taken by RBI in consultation with the Government of India. The conditions for acceptance of the relief fund is that AD Cat-I banks shall directly credit the remittances to the Fund and maintain the full details of the remitters. The Master Directions -Opening and Maintenance of Rupee/Foreign currency Vostro Accounts of Non-Resident Exchange Houses, issued on January 01, 2016, shall be accordingly updated to reflect the changes brought about during the current situation.
The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions/approvals, if any, required under any other law, The Press Release issued by PHD Chamber of Commerce said.
RBI allows Foreign Inward Remittances from Non-Residents to PM-CARES Fund
