Now NRIs can send remittances more often: RBI

June 10, 2012

Mumbai, June 10: The Reserve Bank, on Saturday, permitted NRIs to send remittances more frequently, a step to boost foreign currency inflows and check rupee fall.

Resident Indians are now allowed to receive as many as 30 remittances from NRI friends and relatives during a year as against 12 earlier, according to a latest RBI circular.Analysts said that the RBI decision would help raise foreign exchange reserves.

In the circular addressed to authorised Indian agents under the Money Transfer Service Scheme (MTSS), RBI directed them to bring this to the notice to sub-agents as well and ensure the adherence to the guidelines.

The RBI had taken several initiatives in the last few weeks to arrest the fall of the rupee against the dollar.

The Indian currency has been declining continuously since March and touched a historic low of 56.38 to a dollar last month.

The rupee, on Saturday, closed down by a whopping 48 paise at 55.42 against dollar amid spurt in demand for the US currency after Fitch’s downgrade of Spain worsened the eurozone crisis.

MTSS is a quick and easy way of transferring personal remittances from abroad to beneficiaries in India. Only personal remittances such as remittances towards family maintenance and remittances favouring foreign tourists visiting India are permissible.

The system envisages a tie-up between reputed money transfer companies abroad and agents in India who would disburse the funds to the beneficiaries at ongoing exchange rates.

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'No place for sacrifice in politics': Akhilesh says will contest Maha polls alone if MVA keeps SP out

News Network

October 27,2024

Samajwadi Party (SP) chief Akhilesh Yadav stated on Sunday, October 27, that his party is prepared to contest the Maharashtra Assembly elections independently if the Maha Vikas Aghadi (MVA) does not include them in the alliance.

Yadav assured that the SP would only contest in constituencies where it has a strong organizational presence and would ensure its participation does not affect the MVA’s overall prospects.

Several I.N.D.I.A. alliance members have expressed dissatisfaction with the Congress over seat-sharing arrangements in upcoming state polls.

Both the CPI(ML)L and the RJD voiced frustration after being offered only 3-4 seats each for the Jharkhand elections by the Congress.

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Bomb threats target CRPF schools across India, 2 days after blast at Delhi institute

News Network

October 22,2024

Several Central Reserve Police Force (CRPF) schools across India were hit with hoax bomb threats on Tuesday, just days after an explosion occurred near a CRPF school in Delhi. The threats, sent via email late Monday night, targeted schools in Delhi and Hyderabad, according to sources.

Earlier this week, a bomb exploded outside a CRPF school in Delhi’s Rohini area, causing significant damage to nearby vehicles and property. Fortunately, no casualties or injuries were reported.

In response to the blast, Delhi Police confiscated CCTV footage from nearby markets as part of their investigation. Sources indicate that surveillance footage captured a suspect at the scene, wearing a white T-shirt, displaying suspicious behavior the night before the explosion.

Preliminary investigations revealed that the explosive device had been hidden in a polythene bag, buried in a shallow pit, and covered with garbage. The blast caused a hole in the school's boundary wall and shattered the window panes and signboards of nearby shops.

Following the incident, the Delhi Police registered a First Information Report (FIR) under Section 4 of the Prevention of Damage to Public Property Act, Section 3 of the Indian Explosives Act, and other relevant sections.

The FIR states, "A case of an explosion caused by an unknown explosive substance has been registered, and the investigation continues." It also details the damage, noting that the blast left a hole in the boundary wall and affected nearby structures.

The targeted schools serve children from CRPF and other paramilitary families, and the recent threats have heightened concerns. In response, Delhi authorities have placed the city on high alert, ramping up security measures, especially in markets, ahead of the Diwali festival.

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