IndiaÆs central bank gives offshore investing a lift

In what is being hailed by executives in IndiaÆs $76 billion mutual funds industry as a step toward the inexorable freeing of the rupee, the Reserve Bank of India has widened the scope for domestic funds and individuals to invest overseas. The RBI has raised the quota for the domestic funds industry to invest abroad from $3 billion to $4 billion, and doubled the amount that individuals can place overseas on an annual basis from $50,000 to $100,000 per person. The central bank …