The Reserve Bank of India (RBI) on July 03, 2024, notified regarding the Online submission of Form A2: Removal of limits on the amount of remittance.
On a review, and to improve ease of doing business, it is now decided to permit all Authorised Dealers (AD Category-I banks and AD Category-II entities) to facilitate remittances on the basis of online/physical submission of Form A2 and other related documents, if and as may be necessary, subject to the conditions laid down in Section 10(5) of FEMA 1999. Accordingly, there shall not be any limit on the amount being remitted on the basis of ‘online’ Form A2.
The Authorised Dealers shall continue to comply with the relevant provisions of FEMA 1999 and ‘Master Direction – Know Your Customer (KYC) Direction, 2016’ as updated from time to time, issued by the Department of Regulation, RBI, for all transactions. It may be further noted that reporting of transactions in FETERS shall continue, as hitherto, by the Authorised Dealer banks.
[Notification No. RBI/2024-25/46 A.P. (DIR Series) Circular No. 12]
