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Journalism of Courage
The Reserve Bank of India (RBI) has raised the limit for online repatriation of export proceeds from $3,000 to $10,000 within 12 months in a bid to boost dollar inflows and strengthen rupee.
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). The revised limit will come into force with immediate effect, the RBI notification said.
In another notification,the RBI has made it mandatory for units in special economic zones (SEZs) to repatriate full value of exports. Earlier,there was no time limit for realisation of exports made by units in SEZs. In 2010,the RBI had issued stiff guidelines for settlement of export-related receipts through online payment gateways and allowed authorised dealers Category-1 banks to handle repatriation of export-related receipts by entering into standing arrangements with OPGSPs.
The limit then was $500. OPGSP should open a liaison office with the approval of the RBI before operationalising the arrangement.
The hike in repatriation limit will boost small-time exporters who display and sell their products or services on websites and enable foreign buyers to purchase online and pay through their credit cards or bank accounts.
