The Reserve bank of India (RBI) has permitted NRIs to send remittances more frequently. According to a latest RBI circular released on Friday, resident Indians are now allowed to receive as many as 30 remittances from NRI friends and relatives during a year as against 12 earlier.

In the circular addressed to authorised Indian agents under the Money Transfer Service Scheme (MTSS), RBI directed them to bring this to the notice to sub-agents as well and ensure the adherence to the guidelines. 

Analysts said that RBI decision would boost foreign currency inflows and check rupee fall. The Indian currency has been declining continuously since March and touched a historic low of 56.38 to a dollar last month.

RBI has also asked all banks to generate a unique identification code for each of their customers. It will strengthen Know Your Customer, Anti Money Laundering and Combating the Financing Of Terrorism mechanisms.