Sending money overseas instantly could soon become a reality with the Reserve Bank of India (RBI) considering proposals to allow non-bankingentities like online money transfer portals to undertake wire transfers for outward remittances from India. At the moment the facility is limited to inward remittances, while only banks are permitted to carry out outward remittance orders.
According to sources close to the development, the central bank has been approached by a number of players to enable outward remittance facilities on their money transfer channels. The banking regulator is in the process of working out the know-your-customer (KYC) norms that are to be followed while sending cash abroad via online payment web-portals.
The first half of the ongoing financial year has witnessed outward remittances to the tune of $ 431 million, marking a sharp rise compared to $440.5 million during the full financial year of 2007-08, according RBI data...
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