RBI EASES FOREX NORMS FOR RESIDENTS & NRIs
The Reserve Bank of India (RBI) has eased foreign exchange facilities for individuals. According to the new norms, Non-Resident Indians can be joint holders in resident savings banks account and residents can be joint holders in NRIs' non-resident external rupee accounts. Residents can now lend to NRIs to the extent of Rs. 200,000 through electronic transfer and crossed cheques.