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Submission of Form A2 made mandatory by Reserve Bank of India (RBI) for all cross-border remittances
The release of foreign exchange for any current Account transaction up to USD 25,000 was earlier permitted by authorized dealer (AD) Banks based on a simple letter.
Henceforth, AD Banks are mandatorily required to obtain Form A2 for all cross-border remittances, irrespective of the amount involved.
In addition to above, the erstwhile requirement mandating the submission of Form A2 exclusively via online mode has been eased. AD Banks have been instructed to accept Form A2 submissions in both physical and online mode.
Source: A.P. (DIR Series) Circular Nos. 12 and 13 dated 3 July 2024