Liberalized Remittance Scheme – Clarifications

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..... cular No. 24 dated August 14, 2013 . In this connection, Reserve Bank has been receiving queries from the various stakeholders and Authorised Dealer banks. All such queries have been collated and are given at the annex together with the answers/ clarifications. 2. AD Category - I banks may bring the contents of this circular to the notice of their constituents and customers concerned. 3. The d .....

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..... ably modified. 2 Can a resident individual use the other limits under Schedule III to FEM CAT Rules 2000, as amended from time to time, such as remittances for education, health / medical expenses over and above the LRS limit? As per the current guidelines of LRS, only gift and donation (from the list of items under Schedule III to FEM CAT Rules, 2000), by a resident individu .....

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..... maintenance expenses of a patient going abroad for medical treatment or check-up abroad or for accompanying as attendant to a patient going abroad for medical treatment/ check-up (without any RBI approval Para 8 of Schedule III to FEM CAT Rules, 2000, as amended from time to time). A resident individual can make remittances for studies up to the estimates from the institutions abroad or USD 10 .....

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..... to Annex 1 of ADMA Circular No.11 dated May 16, 2000). Therefore notwithstanding the revised guidelines and reduction in the LRS limit these guidelines do not affect genuine transactions. 3 As per para 2 (iii) of AP (Dir Series) Circular No.24 dated August 14, 2013 Notification FEMA 263/2013-RB is dated August 5, 2013 but the said Notification as available on the web .....

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..... r before the date of the circular, i.e., August 14, 2013, subject to satisfaction of the genuineness of the transactions by the AD bank. Such cases should be immediately reported post facto to the Reserve Bank of India by the A D banks. - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxmanagementindia - taxmanagement - taxmanageme .....

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