The Reserve Bank of India had on Tuesday announced measures to reduce foreign exchange outflows by resident Indians in the latest of a slew of measures intended to support the battered rupee. The central bank cut the limit for overseas direct investments ODI under the automatic route for all new transactions by 75 per cent. The RBI added the reduced limit would also apply to remittances made by Indian companies setting up unincorporated entities outside of the country in the energy and natural resources sectors, but would not apply to ONGC Videsh Ltd, the foreign unit of Oil and Natural Gas Corp, or Oil India Ltd.

The RBI also said use of remittances for purchases of property outside India would not be allowed.

Keeping in view the current macroeconomic situation, the Reserve Bank of India has today announced the following measures:. This reduced limit would also apply to remittances made under the ODI scheme by Indian Companies for setting up unincorporated entities outside India in the energy and natural resources sectors. This reduction in limit, however, would not apply to ODI by Navratna PSUs, ONGC Videsh Limited and Oil India in overseas unincorporated entities and incorporated entities, in the oil sector.

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The present set of measures is aimed at moderating outflows. However, any genuine requirement beyond these limits will continue to be considered by RBI under the approval route. Home India Politics Movies Tech Cars18 iVideos. Latest News Photos Lifestyle World Business Buzz Football Travel Health and Fitness Yoga Day Special. Gold futures regain Rs 30, level on global cues, up 3.

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