The Reserve Bank of India vide its circular dated 3rd April 2020, has allowed the foreign inward remittances from non-residents through non-resident exchange houses in favour of the Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM-CARES) Fund to fight against the COVID-19 pandemic.
However, the foreign inward remittances from non-residents under the is subject to the condition that AD (authorized dealer) Category-I banks have to directly credit the remittances to the Fund and maintain the full details of the remitters.
Click here to read the Notification.
