The RBI raised the limit on the number of foreign remittances from 12 to 30 that an individual can receive in a calendar year. But, the central bank has kept the cap unchanged on the amount of each transaction which is at $2,500 per person.
The senior official of treasury from a public sector bank said that more inward remittances from foreign will certainly helpful in the current economic conditions. This measure is expected to benefit those individuals who have more than one source of money from abroad.
Most of the people using this remittance facility are employed in blue-collar jobs who have a multiple pay calendar. In such a case the sender is set to benefit and this relaxation will surely be helpful. According to the experts, India is the largest receiver of remittances from abroad. A report by Word Bank shows that, India got $64 billion remittance in 2011, which is marginally higher than those to china.