From The Hindu, June 12, 1975: Proposals to attract remittances from Indians abroad
New Delhi, June 11: The Union Finance Ministry is examining the feasibility of making it obligatory for Indians taking jobs abroad to remit to the country a certain proportion (about 10 per cent) of their earnings every year. The remittances may be made either to their relatives in the country or credited to a bank account maintained in India.
This is among the three proposals which the Reserve Bank of India has been asked to examine in detail and comment upon. The other proposals are: (i) The feasibility of permitting non-resident Indians living abroad to maintain bank accounts in India in the unit of a convertible foreign currency, either the pound sterling or the dollar and (ii) permitting them to invest in company shares in India. The Reserve Bank is already stated to have commented on these proposals in detail. The contents of its note to the Finance Ministry are not known, but they seem to be by and large favourable.
The Finance Ministry was prompted to consider the question of permitting non-resident Indians living abroad to keep their remittances to India in the unit of account of a foreign currency to protect their savings from any erosion on account of the fall in the rupee value. Under the existing banking laws, this is not permissible.
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