TMI BlogLiberalised Remittance Scheme of USD 50,000 for Resident IndividualsX X X X Extracts X X X X X X X X Extracts X X X X ..... Rules and directions - a resident individual is permitted to remit up to USD 25,000 per calendar year under the Liberalised Remittance Scheme of USD 25,000 (the Scheme) for any current or capital account transactions or a combination of both subject to specified terms and conditions including remittance facility not being made available for certain purposes, in terms of the Current Account Transactions Rules a resident individual is permitted to remit upto USD 5000 per remitter/ donor per annum towards gift , a resident individual is permitted to remit upto USD 5000 per remitter/ donor per annum towards donation, a resident individual is permitted to invest in overseas companies (a) listed on a recognised stock exchange abro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... asis for one or more private visits to any country (except Nepal and Bhutan) will continue to be available on a self-declaration basis. However, the facility would be now available on a financial year (April-March) basis. 4. As indicated in A.P (DIR Series) Circular No.80 dated March 18, 2004, soliciting of deposits etc. under the Scheme by entities which do not have an operational presence in India, gives rise to supervisory concerns. It is therefore clarified that all banks, both Indian and foreign, including those not having an operational presence in India should seek prior approval from the Reserve Bank for the schemes being marketed by them in India to residents either for soliciting foreign currency deposits for their foreign/over ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Annex-1 [A.P.(DIR Series) Circular No.24 dated December 20, 2006] Application cum Declaration for purchase of foreign exchange under the Liberalised Remittance Scheme of USD 50,000(To be completed by the applicant) I. Details of the applicant a. Name .. b. Address c. Account No .. d. PAN No . II. Details of the foreign exchange required 1. Amount (Specify currency) 2. Purpose . III. Source of funds: . IV. Nature of instrument Draft .. Direct remittance V. Details of the remittance made under the Scheme in the financial year (April- March) 200 Date : Amount : . VI. Details of the Beneficiary 1. Name ..... X X X X Extracts X X X X X X X X Extracts X X X X
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