The RBI has restricted overseas direct investment under automatic route to 100 per cent of net worth from 400 per cent under the approval route. This can save $2-3 billion as a large number of FDI seekers will have to do a lot more paperwork.
Outward remittances by resident Indians slashed to $75,000 from $2,00,000 now.
The RBI has allowed banks to pay above the domestic deposit rate (of say, 8.75 per cent) for INR-denominated nonresident Indian NRE deposits of 3+ year maturity. It hiked the cap on FCNRB deposits of 3-5 year maturity by 100 bps to 400 bps + Libor. It exempted these deposits from CRR and SLR.
The government also hopes to gain addition $1 billion in inflows from liberalizing non-resident deposit schemes
Curbing imports on oil, gold, and non-essential imports. So far, the government has announced an increase in import duties on gold, silver and platinum from 8 per cent to 10 per cent. The government also increased duties on gold/silver dore bars and gold ore/concentrate by 2 percentage points. Details on the steps to curb oil and non-essential imports have yet to be revealed. In total, the government expected to save around $ billion on the import bill from these measures
Allowing government-owned financial institutions such as IIFC, IRFC (Indian railway finance corporation) and Power Finance Corporation to issue quasi-sovereign bonds ($4 billion).
PSU oil companies can now raise external commercial borrowings (ECBs) while ECB norms have also been also further liberalise ($6 billion).