No documentation for small value remittance: RBI

MUMBAI: With a view to providing hassle free release of foreign exchange, Reserve Bank of India today said documentation is not required for small value remittances and banks dealing in forex could release upto US dollar 500 on the basis of a simple letter from resident individuals.
This form should contain basic information, namely, name and address of the applicant and beneficiary, amount to be remitted and purpose of remittance, RBI said in a release here after reviewing the existing application form and documentation for release of forex for various purposes.
The apex bank further clarified that no documents were required, as long as the amount of remittance does not exceed $500 and the payment was being made by a cheque drawn on the applicant''s bank account or by a demand draft.