Mumbai (Maharashtra) [India], January 23 (ANI): The Reserve Bank of India (RBI) has directed SBM Bank (India) Ltd to stop all transactions under Liberalised Remittance Scheme (LRS) with immediate effect.
“This action is based on certain material supervisory concerns observed in the bank,” RBI said in a statement on Monday.
This direction will remain in place till further orders, RBI’s statement added.
About Liberalised Remittance Scheme:
Under the Liberalised Remittance Scheme, all resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 every financial year, according to RBI.
The scheme was initially introduced on February 4, 2004, with a limit of USD 25,000. The LRS limit has been later revised in stages consistent with prevailing macro and micro economic conditions. (ANI)
