What are the purposes under FEM (CAT) Amendment Rules, 2015, under which a resident individual can avail of foreign exchange facility? - FEMA - FAQ - FEMA

Ans . Individuals can avail of foreign exchange facility for the following purposes within the LRS limit of USD 2,50,000 on financial year basis: (i) Private visits to any country (except Nepal and Bhutan) (ii) Gift or donation (iii) Going abroad for employment (iv) Emigration (v) Maintenance of close relatives abroad (vi) Travel for business, or attending a conference or specialised training or for meeting expenses for meeting medical expenses, or check-up abroad, or for accompanying as attendant to a patient going abroad for medical treatment/ check-up (vii) Expenses in connection with medical treatment abroad (viii) Studies abroad (ix) Any other current account transaction which is not covered under the definition of current account in FEMA 1999. The AD bank may undertake the remittance transaction without RBI s permission for all residual current account transactions which are not prohibited/ restricted transactions under Schedule I, II or III of FEM (CAT) Rules, 2000, as amended or are defined in FEMA 1999. It is for the AD to satisfy themselves about the genuineness of the transaction, as hitherto.