CB relaxes restrictions on foreign currency transactions

Saturday, 6 February 2016 03:37 - - {{hitsCtrl.values.hits}}

No approval needed for outward remittances up to $ 10,000 from NRFC, RFC, RNNFC and FEEA accounts

The Central Bank has relaxed restrictions on foreign currency transactions with no approval required for outward remittances up to US$ 10,000.

In a statement, the Central Bank said that restrictions on remitting and transacting foreign currencies are eased with immediate effect.

“Foreign currencies can henceforth be remitted out of Non Resident Foreign Currency (NRFC) Accounts, Resident Foreign Currency Accounts (RFC) Accounts and Resident Non National Foreign Currency Accounts (RNNFC) Accounts and Foreign Exchange Earners’ Account (FEEA) Accounts for any purpose and prior approval need not be obtained for such remittances. Up to USD 10,000 or its equivalent can be withdrawn in cash from such accounts for any purpose,” the Central Bank said.