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Read MoreThe Reserve bank of india has allowed the individuals by way of Limited Remittance scheme, to make remittances of foreign exchange in india or outside india upto certain limit without any approval from RBI or AD.
The LRS is only applicable to the individuals and entities like corporate, LLP, Trust, HUF cannot take benefit of LRS.
The current limit of LRS as specified by RNI is USD 250000 per financial year. If an individual wants to make remittance more than the mentioned limit then he has to take the approval of RBI.
Permissible Capital Account Transactions under LRS are as follows:
The individual who is desirous of taking advantage of LRS must designate one branch of an Authorised dealer through which all his transactions will be routed. Further, the following documentation needs to be completed by the remitter:
The limit of remittance upto USD 250000 as provided under the LRS also includes the current account transactions remittances as follows as available to resident individuals under FEMA laws :
Further, the Remittances under the Scheme can also be consolidated in respect of family members subject to the condition that the individual family members has complied with its terms and conditions.
However, in case of capital account transactions such as opening a bank account/investment/purchase of property, clubbing is only permissible by other family members, if they are the co-owners or co-partners of the overseas bank account/ investment/property.
In case the remittance of more than USD 250000 is required then the remitter must be required to take prior permission from the Reserve Bank of India and after that the required foreign exchange will be remitted.
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Is Limited Remittance Scheme is available to HUF, corporates, Trusts, partnership firms, etc.?
No, the scheme is available only to resident Individuals and is not available to HUF, corporates, Trusts, partnership firms, etc.
What is the current limit of remittance under Limited Remittance Scheme?
The current limit of remittance under Limited Remittance Scheme is USD 250000.
Can one resident gift foreign currency to another resident for credit to the foreign currency account held abroad under LRS?
One resident individual is not allowed to gift to another resident individual the foreign currency, for the purpose of credit to the foreign currency account held abroad under LRS.
Is LRS Scheme is available to Minor also?
The Liberalised Remittance scheme is available to Minor also, subject to the comdition that the Form A2 of minor must be countersigned y the guardian of the minor.
In which currency the remittance can be made in LRS?
The remittances can be made in any freely convertible foreign currency.
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