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India Reduces Limit on Annual Outbound Remittances, EB-5 Impact Likely to Follow

On August 14, 2013, the Reserve Bank of India (RBI) announced a series of measures designed to stem the sharp decline in currency value as the rupee fell to an all-time closing low against the dollar. The new policies, which aim to ease pressure on the rupee and stem the flow of foreign currency outside the country, reduce the limit on overseas direct investment by Indian companies (other than oil companies with majority government ownership) from 400 percent of net worth to 100 percent. In addition, the new measures also decrease the limit on annual outbound remittances from $200,000 to $75,000 per person, a shift that may have implications for Indian EB-5 investors who must demonstrate a minimum $500,000 investment in a U.S. commercial enterprise to qualify for permanent residency under the Immigrant Investor Program. In a sign of changes yet to come, Finance Minister P. Chidambaram noted that the RBI's "temporary" measures should not be viewed as a form of capital control and would be revisited "at an appropriate time."

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About this Author

Nataliya Binshteyn Dominguez, Greenberg Traurig Law Firm, Northern Virginia, Immigration Law Attorney

Nataliya Binshteyn Dominguez focuses her practice on global business immigration matters. She advises corporate and individual clients in a variety of employment-based immigrant and non-immigrant cases. She advises corporations on Form I-9 and E-Verify employment verification matters, including compliance audits, due diligence for corporate restructuring, and immigration-related defense in connection with worksite enforcement investigations. Nataliya also conducts Form I-9 and E-Verify trainings and frequently authors articles regarding immigration compliance issues. She...