The Reserve Bank of India (RBI) enhanced the limit for retaining foreign currency abroad to 3,000 USD per transaction for exporters against the existing 500 USD.

RBI in a statement issued in Mumbai yesterday said the decision has been taken for export related remittances received through Online Payment Gateway Service Providers (OPGSPS).

This facility is only available in case of transaction carried online.

The revised directions will come into force with immediate effect.

This is the second benefit that exporters got during this week. Earlier this week, the RBI announced 2 per cent interest subsidy on Rupee export credit to the labour-oriented and small scale sectors to cushion them from slowdown in the major markets like the US and Europe.