In terms of the overseas investment policy, a fast track route was adopted where the limits were raised from $ 2 million to $ 4 million and linked to average export earnings of the preceding three years. Cash remittance continued to be restricted to $ 0.5 million.
Beyond $ 4 million, approvals were considered under the “Normal Route” approved by a Special Committee comprising the senior representatives of the Reserve Bank of India (Chairman) and the Ministries of Finance, External Affairs and Commerce (members).