RBI relaxes overseas payment norm, raises cap to $500,000
Liberalizing the norms for payment to overseas companies, the Reserve Bank of India (RBI) on Monday raised the limit for advance remittance for import of services from $100,000 to $500,000 without bank guarantee. “It has been decided to raise the limit of $100,000 for advance remittance for all admissible current account transactions for import of services without bank guarantee to $5,00,000,” RBI said.