The Reserve Bank of India (RBI) today placed on its website (www.rbi.org.in) the Report of the Committee to Review the Facilities for Individuals under Foreign Exchange Management Act (FEMA), 1999. The Report was submitted to the Reserve Bank of India on August 8, 2011.
Pursuant to the announcement in the Annual Monetary Policy for 2011-12, a Committee was constituted under the chairmanship of Smt. K. J. Udeshi for this purpose. The objective of the review was to identify areas for streamlining and simplifying the procedure so as to remove the operational impediments and assess the level of efficiency in the functioning of authorised persons, including the infrastructure created by them. The Committee also included representatives from select authorised dealer banks, external members, representative from Indian Banks™ Association and Foreign Exchange Dealers Association.
The Committee has made several recommendations to improve facilities to resident individuals, non-resident Indians, person of Indian origin, as also, simplification of procedures and training of bank personnel.
The recommendations of the Committee would be examined for action that is necessary to finetune the regulatory framework.