Individuals' spending limit abroad may be hiked to $2 lakh

May 24, 2014 20:27

Giving more freedom to individuals travelling abroad, they may soon be allowed to spend $2 lakh overseas in a year as against the present ceiling of $75,000.

"The RBI may eventually reverse all measure taken to contain CAD and currency fluctuation in July-August last year," a finance ministry official said. The central bank could raise the limit sometime this year based on its assessment of the external sector, the official said.

As part of restrictions imposed in August last year to contain burgeoning current account deficit, the Reserve Bank had lowered the outward remittance limit to $75,000 in a financial year for any permitted current or capital account transaction or a combination of both.

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