(a) whether the Government have raised the forex limit to
1,00,000 US dollars for purposes of education and other needs;
(b) if so, the purposes for which it has been raised;
(
(c) whether such a decision is likely to have an adverse impact
on foreign exchange reserves; and
(d) if so, the steps taken by the Government to raise the foreign exchange reserves also proportionately?
MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI ANANDRAO V. ADSUL)
(a) & (b): Yes, Sir. The Reserve Bank of India has delegated
powers to Authorized Dealers to release foreign exchange up to
US$1,00,000 for education abroad, medical treatment abroad,
employment abroad, maintenance of close relatives abroad, and
emigration.
(c) & (d) : The liberalised facility has been extended to
Indian residents in view of the comfortable foreign exchange
reserves being held by the country. The increased limit is
unlikely to have any adverse impact in view of the comfortable
forex reserves position.