You need to buy dollars before you can buy American stocks. For this we have to use our Indian rupee. You are required to complete this work under the Liberalized Remittance (LRS) Scheme made available by the Reserve Bank of India (RBI). According to the current LRS rules, US $ 2.5 lakh can be sent abroad in a financial year. These transactions are done according to the exchange rate. In other words, in our currency, 2.5 lakh dollars is Rs. 1.95 crores.
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HDFC Bank has so far only offered full value remittance facility to individual customers in USD denominations. But now the bank has extended these services to other currencies as well. Applied to trade related remittance transactions. These services are applicable for both current and savings account holders for both trade and retail remittances.
HDFC Bank’s Head of Business (Retail Trade and Forex) Jatinder Gupta said, The full value outreach remittance service is now available not only to individuals but also to traders. He said he would go to the bank branch and avail the facility. HDFC Bank has recently hiked interest rates on fixed deposits. This is due to the RBI repo rate hike.
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