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Liberalised Remittance Scheme (LRS) for resident individuals - increase in the limit from USD 125000 to USD 250000 and rationalisation of current account transactions - Remittance facilities for persons other than individuals

FEMA - 106 - Dated:- 1-6-2015 - RBI/2013-14/620 A.P. (DIR Series) Circular No. 106 A.P. (FL Series) Circular No. June 1, 2015 To, All banks Authorised to Deal in Foreign Exchange All Authorised Money Changers (AMCs) / Full-Fledged Money Changers (FFMCs) Madam/Sir, I. Liberalised Remittance Scheme (LRS) for resident individuals- increase in the limit from USD 125,000 to USD 250,000 and rationalisation of current account transactions II. Remittance facilities for persons other than individuals Att .....

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y a resident individual up to USD 250,000 per financial year for any permitted current or capital account transaction or a combination of both. If an individual has already remitted any amount under the LRS, then the applicable limit for such an individual would be reduced from the present limit of USD 250,000 for the financial year by the amount already remitted. The permissible capital account transactions by an individual under LRS are: i) opening of foreign currency account abroad with a ban .....

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le III to the Foreign Exchange Management (Current Account Transactions) Rules, 2000, as amended from time to time, shall now be subsumed under the overall limit of USD 250,000. However, for item numbers as mentioned at (iv)[ emigration], (vii)[expenses in connection with medical treatment abroad] and (viii)[studies abroad] in Para 1 of Schedule III provided at Annex 1, individuals may avail of exchange facility for an amount in excess of the overall limit prescribed under the LRS, if it is so r .....

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ance Procedure Requirements to be complied with by the remitter 5.1 The resident individual seeking to make the remittances should furnish an application cum declaration in the format indicated in Annex 2 to the AD/ full fledged money changer (FFMC) concerned regarding the purpose of the remittances and declaration to the effect that the funds belong to the remitter and will not be used for the prohibited purposes referred to in Para 4 above. Resident individuals can also purchase foreign exchan .....

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er'; guidelines and the Anti-Money Laundering Rules in force have been complied with while allowing the transactions. Requirements to be complied with by the Authorised Dealers 5.3 It is clarified that banks should not extend any kind of funded and non-funded facilities to resident individuals to facilitate capital account remittances under the Scheme. 5.4 The applicants should have maintained the bank account with the bank for a minimum period of one year prior to the remittance for capital .....

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Reporting of the transactions Authorised Dealers may arrange to furnish on a monthly basis information on the number of applicants and total amount remitted under LRS to the Chief General Manager, External Payment Division, Foreign Exchange Department, Reserve Bank of India, Central Office, Mumbai - 400001 through Online Return Filing System (ORFS) only. 7. Facilities for persons other than individuals 7.1 As provided in Para 2 of Schedule III provided in Annex 1, persons other than individuals .....

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been complied with. 8. All other terms and conditions for making overseas remittances shall remain unchanged. 9. Necessary amendments to the Foreign Exchange Management (Current Account Transactions) Rules, 2000 and the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000, (Notification No. FEMA 1/2000-RB dated May 3, 2000) have been notified vide GSR No. 426 (E) dated May 26, 2015 and GSR No.425 (E) dated May 26, 2015 respectively. 10. Authorised Persons may .....

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ce Scheme of USD 250,000 (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 (Spe .....

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hellip;.. Direct remittance………… Others V. Details of the Beneficiary 1. Name …………………….. 2. Address …………………… 3. Country …………………… 4*. Name and address of the bank………………………. 5*. Account No………………… .....

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