Remittance

The 20% deposit requirement imposed on overseas remittances inhibits all citizens from spending or investing overseas. The sweeping inhibitory measure is supposedly to catch a few wrong doers who abuse the Liberalised Remittance Scheme who anyways could , with a little dilligence, be identified from the mass of data that the department has. Harsh’s article in Business Standard on the long term costs of inhibiting/restricting our ordinary citizens from spending and/or investing overseas and the impact such measures have on our aspiration to be a Super power.