{"id":28760,"date":"2018-10-24T14:42:03","date_gmt":"2018-10-24T09:12:03","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=28760"},"modified":"2018-10-24T14:42:03","modified_gmt":"2018-10-24T09:12:03","slug":"rbi-alters-relative-definition-to-check-outward-remittances","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/rbi-alters-relative-definition-to-check-outward-remittances\/","title":{"rendered":"RBI alters \u2018relative\u2019 definition to check outward remittances"},"content":{"rendered":"<p><a href=\"http:\/\/www.thehindu.com\/business\/Economy\/rbi-alters-relative-definition-to-check-outward-remittances\/article24194902.ece\">RBI alters \u2018relative\u2019 definition to check outward remittances<\/a><\/p>\n<p><strong><u>News:<\/u><\/strong><\/p>\n<ol>\n<li>RBI has narrowed the definition of &#8216;relatives&#8217; to check the flow of funds as remittances.<\/li>\n<\/ol>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1304 size-full\" src=\"https:\/\/i0.wp.com\/currentaffairs.forumias.com\/wp-content\/uploads\/2018\/06\/rel.png?resize=528%2C400\" alt=\"\" width=\"528\" height=\"400\" \/><\/p>\n<p><strong><u>Important facts:<\/u><\/strong><\/p>\n<ol start=\"2\">\n<li>The decision was taken keeping in mind the concerned over funds sent abroad under the \u2018maintenance of close relative\u2019 category of the <strong>Liberalised Remittance Scheme (LRS).<\/strong><\/li>\n<li>The RBI has decided to align the definition of \u2018relatives\u2019 with the definition given in Companies Act, 2013 instead of Companies Act, 1956.<\/li>\n<li>The funds under this category\u00a0 now be sent only to immediate relatives such as parents, spouses, children and their spouses.<\/li>\n<li>RBI has introduced a system for daily reporting of individual transactions under the LRS by banks.<\/li>\n<li>This enables banks to view remittances already made by an individual during the fiscal.<\/li>\n<li>The system uses the Permanent Account Number of the remitter to aggregate remitter-wise data.<\/li>\n<li>The apex bank has made furnishing of PAN mandatory for such transactions.<\/li>\n<li>Reasons<\/li>\n<\/ol>\n<ul>\n<li>Outward remittances under maintenance of close relatives increased to almost $ 3 billion in 2017-18 from $ 174 million in 2013-14.<\/li>\n<li>Funds sent under close relatives have more than doubled since 2015-16.<\/li>\n<li>\u00a0Overall outward remittances under LRS went up to $ 11 billion from $ 1 billion in the same period.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>RBI alters \u2018relative\u2019 definition to check outward remittances News: RBI has narrowed the definition of &#8216;relatives&#8217; to check the flow of funds as remittances. Important facts: The decision was taken keeping in mind the concerned over funds sent abroad under the \u2018maintenance of close relative\u2019 category of the Liberalised Remittance Scheme (LRS). The RBI has&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/rbi-alters-relative-definition-to-check-outward-remittances\/\">Continue reading <span class=\"screen-reader-text\">RBI alters \u2018relative\u2019 definition to check outward remittances<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-28760","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704885140},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/28760","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=28760"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/28760\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=28760"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=28760"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=28760"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}