....K. P. Padmakumar, Executive Director of Muthoot Finance Limited, and former chairman of Federal Bank, told The Hindu that the RBI move was a positive measure for the non-resident Keralites. “It is bound to boost the remittances and contribute to the improvement of the value of rupee. The measure will enhance dollar inflow as the transaction involves dollar purchase by the banks or the designated dealer involved in the deal,” he said. “Ever since the value of the rupee started declining, rupee remittance has become an attractive proposition. The RBI has been under pressure to raise the remittance limit,” he said.......
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