Form A2 now required for all cross-border remittances!

Technical Details:

The RBI has directed authorised dealers to obtain Form A2 in physical or digital form for all cross-border remittances irrespective of the value of the transaction.

Previously, authorised dealers were permitted to release foreign exchange for any current account transaction on the basis of a simple letter containing basic information and subject to an upper limit of USD 25,000 or its equivalent.

Key Takeaways:

While the previous directions offered simplicity and flexibility, it also carried risks related to compliance and monitoring. The new instructions aim to strengthen compliance and transparency but may have an impact on operational efficiency and customer convenience.

For further details, please see:  

RBI | Release of Foreign Exchange for Miscellaneous Remittances

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