TMI BlogMaster Circular on Miscellaneous Remittances from India –Facilities for ResidentsX X X X Extracts X X X X X X X X Extracts X X X X ..... sed Dealer Category I banks may refer to respective circulars/ notifications for detailed information, if so needed. Yours faithfully, (B.P. Kanungo) Principal Chief General Manager INDEX A.1 General : 3 A.2 Sale of Exchange : 5 A.3 Cultural Tours : 6 A.4 Private Visits : 6 A.5 Gift/donation : 7 A.6 A.7 A8 A9 Going abroad on employment Emigration Maintenance of close relatives abroad Business trip : : : : 7 7 8 8 A.10 A11 A12 A13 Medical treatment abroad Facilities available to students for pursuing their studies abroad Any other current account transaction as given at item no. (ix) of Para 1 of Schedule III to FEM ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ease of Foreign Exchange by Authorised Dealers A.1 General 1.1 For release of foreign exchange to persons resident in India for various current account transactions, Authorised Dealer banks are to be guided by the Rules made by the Government of India under Section 5 of the Foreign Exchange Management Act, 1999 (as indicated in item 1 of Appendix 2) which are detailed in the Foreign Exchange Management (Current Account Transactions) Rules, 2000 (hereinafter referred to as the Rules) notified by the Government of India vide Notification No. G.S.R.381 (E) dated May 3, 2000, (Annex-1) as amended from time to time. In terms of the said Rules, drawal of foreign exchange for certain categories of transactions as listed in Schedule I is expressly prohibited. Exchange facilities for transactions included in Schedule II to the Rules may be permitted by the Authorised Dealer banks provided the applicant has secured the approval from the Ministry/Department of the Government of India as specified therein. In respect of transactions included in Schedule III to the Rules, prior approval of the Reserve Bank would be required for remittance exceeding the specified limits. The release of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ules (as indicated in item 2 of Appendix 2 ). A.2 Sale of Exchange 2.1 Authorised Persons may release foreign exchange for travel purposes on the basis of a declaration given by the traveller regarding the amount of foreign exchange availed of during the financial year. It is not mandatory for Authorised Dealers to endorse the amount of foreign exchange sold for travel abroad on the passport of the traveller. However, if requested by the traveller, they may record under their stamp, date, signature and details of foreign exchange sold for travel. 2.2 In case of issue of travellers cheques, the traveller should sign the cheques in the presence of an authorised official and the purchaser s acknowledgement for receipt of the travellers cheques should be held on record. Authorised Dealers may, if requested by the traveller, record under their stamp and signature details of foreign exchange sold for travel, other than the private visit abroad. In case of a child travelling on a parent's passport, the endorsement should be made on the joint passport. 2.3 Out of the overall foreign exchange (USD 250, 000) being sold to a traveller, exchange in the form of foreign curr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ditions indicated therein. A.4 Private visits 4.1 For private visits abroad, other than to Nepal and Bhutan, any resident individual can obtain foreign exchange up to an aggregate amount of USD 2,50,000, from an Authorised Dealer or FFMC, in any one financial year, irrespective of the number of visits undertaken during the year. This limit has been subsumed under the Liberalised Remittance Scheme w.e.f. May 26, 2015. If an individual has already remitted any amount under the Liberalised Remittance Scheme in a financial year, then the applicable limit for travelling purpose for such individual would be reduced from USD 250,000 by the amount so remitted. 4.2 The resident individual shall have to fill Form A2 and Application cum declaration for purchase of foreign exchange under Liberalised Remittance Scheme of USD 250,000 while availing foreign exchange for travelling purposes from AD banks and FFMCs. A.5 Gift/ donation 5.1 Any resident individual/entity (trust; company; partnership firm, etc.), may remit up-to USD 2,50,000 in one financial year as gift to a person residing outside India or as donation to an organization outside India. Remittances exceeding th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Indian Companies Act, 1956] abroad. This limit has been subsumed under the Liberalised Remittance Scheme w.e.f. May 26, 2015. If an individual remits any amount under the Liberalised Remittance Scheme in a financial year, then the applicable limit for such individual would be reduced from USD 250,000 by the amount so remitted. A.9 Business trip 9.1 For business trips to foreign countries, resident individuals/ individuals having proprietorship firms can avail of foreign exchange up to USD 2,50,000 in a financial year irrespective of the number of visits undertaken during the year. This limit has been subsumed under the Liberalised Remittance Scheme w.e.f. May 26, 2015. 9.2 Visits in connection with attending of an international conference, seminar, specialised training, apprentice training, etc., are treated as business visits. Release of foreign exchange exceeding USD 2,50,000 for business travel abroad, irrespective of the period of stay, by residents require prior permission from the Reserve Bank. 9.3 However, if an employee is being deputed by a company and the expenses are borne by the company, then such expenses shall be treated as residual current accoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 of Schedule III to FEM (CAT) Amendment Rules, 2015 Any other current account transaction as given at item no. (ix) of Rules ibid is to cover any other current account transactions which were available to individuals in the erstwhile Schedule III to FEM (CAT) Rules, 2000 dated May 3, 2000, and which do not appear in Schedule III to FEM (CAT) Amendment Rules, 2015. A.13 Period of surrender of foreign exchange 13.1 In case the foreign exchange purchased for a specific purpose is not utilized for that purpose, it could be utilized for any other eligible purpose for which drawal of foreign exchange is permitted under the relevant Rules / Regulation. 13.2 General permission is available to any resident individual to surrender received / realised / unspent / unused foreign exchange to an Authorised Person within a period of 180 days from the date of receipt / realisation / purchase / acquisition / date of return of the traveller, as the case may be. Note: Where a person approaches an Authorised Person for surrender of unspent/ unutilized foreign exchange after the prescribed period of 180 days, Authorised Person should not refuse to purchase the foreign exchange m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of India. h) by way of earnings received as the proceeds of life insurance policy claims/maturity/surrender values settled in foreign currency from an insurance company in India permitted to undertake life insurance business by the Insurance Regulatory and Development Authority. Debits to the account shall be for payments towards a current account transaction in accordance with the provisions of the Foreign Exchange Management (Current Account Transactions) Rules, 2000, as amended from time to time and towards a capital account transaction permissible under the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000. A.15 Remittances for Tour Arrangements 15.1 Authorised Dealers may remit foreign exchange up to a reasonable limit, at the request of a traveller towards his hotel accommodation, tour arrangements, etc., in the countries proposed to be visited by him or for making other tour arrangements for travellers from India, provided in each case the Authorised Dealer is satisfied that the remittance is being made out of the foreign exchange purchased by the traveller concerned from an Authorised Person (including exchange drawn for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ady made against the tour) does not exceed the amount actually remitted to India and the country of residence of the beneficiary is not Pakistan. A.16 Payment in Rupees Authorised Dealers may accept payment in cash for amounts which do not exceed the amount equivalent to ₹ 50,000/- (Rupees fifty thousand only) against sale of foreign exchange for travel abroad (for private visit or for any other purpose). Wherever the sale of foreign exchange exceeds the amount equivalent to ₹ 50,000, the payment must be received only by: (i) a crossed cheque drawn on the applicant s bank account, or (ii) a crossed cheque drawn on the bank account of the firm/company sponsoring the visit of the applicant, or Banker s Cheque/ Pay Order/ Demand Draft or (iii) Debit/Credit/pre-paid cards provided (a) KYC/AML guidelines are complied with. (b) Sale of foreign currency / issue of foreign currency TCs is within the limits (credit /-prepaid cards) prescribed by the bank. (c) The purchaser of foreign currency / foreign currency TCs and the credit/debit/prepaid card holder is one and the same person. Note: Where the rupee equivalent of foreign exchange drawn excee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated in respect of family members subject to individual family members complying with its terms and conditions. 18.4 Remittances under the Scheme are allowed only in respect of permissible current or capital account transactions or a combination of both. All other transactions which are otherwise not permissible under FEMA and those in the nature of remittance for margins or margin calls to overseas exchanges/ overseas counterparty are not allowed under the Scheme. 18.5 Under the Scheme, Resident individuals are free to acquire and hold shares or debt instruments or any other asset including immovable property outside India without prior approval of the Reserve Bank. 18.6 The limit of USD 2,50,000 under the Scheme also includes remittances for current account transactions available to resident individuals under Para 1 of Schedule III to Foreign Exchange Management (Current Account Transactions) Amendment Rules, 2015. If an individual remits any amount under the said Liberalised Remittance Scheme in a financial year, then the applicable limit for such individual would be reduced from USD 250,000 by the amount so remitted. 18.7 Remittances under the Scheme can be used for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g transactions under the Scheme, resident individuals may use the Form A-2 as at Annex-2 and Application-cum-Declaration Form as at Annex-3. It is mandatory to have PAN number to make remittances under the Scheme. 18.18 Investor, who has remitted funds under LRS can retain, reinvest the income earned on the investments. 18.19 AD Category I banks are required to furnish the information on remittances made under this scheme on a monthly basis, on or before the fifth of the following month to which it relates through Online Returns Filing System (ORFS) for which purpose they have been given user ID and password by the Reserve Bank. Where there is no data to furnish, AD banks are advised to upload nil figures in the ORFS system. A.19 Facility to grant loan to NRI/ PIO close relative under Liberalised Remittance Scheme (LRS): Resident individual is permitted to lend to a Non-resident Indian (NRI)/ Person of Indian Origin (PIO) close relative [means relative as defined in Section 6 of the Indian Companies Act, 1956] by way of crossed cheque/ electronic transfer subject to the following conditions: (i) the loan is free of interest and the minimum maturity of the loa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 20.2 Authorised Dealers are also required to keep on record any information / documentation, on the basis of which the transaction was undertaken, for verification by the Reserve Bank. In case the applicant refuses to comply with any such requirement or makes unsatisfactory compliance therewith, the Authorised Dealer shall refuse, in writing, to undertake the transaction and shall, if he has reasons to believe that any contravention / evasion is contemplated by the person, report the matter to the Reserve Bank. 20.3 All the facilities (including private/business visits) for release of exchange/remittances for current account transactions available to resident individuals under Para 1 of Schedule III to FEM (CAT) Amendment Rules, 2015, have been subsumed under the overall limit of USD 250,000. However, for emigration; expenses in connection with medical treatment abroad and studies abroad, individuals may avail of exchange facility for an amount in excess of the overall limit prescribed under the LRS, if it is so required by a country of emigration; medical institute offering treatment or the university respectively. 20.4 The resident individuals shall be required to fill ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as amended from time to time, are equally applicable to payments made through use of these cards. 22.2 The IDCs cannot be used on internet for purchase of prohibited items like lottery tickets, banned or proscribed magazines, participation in sweepstakes, payment for call-back services, etc., i.e. for such items/activities for which drawal of foreign exchange is not permitted. A.23 Store Value Cards/ Charge Cards/ Smart Cards, etc. Certain Authorised Dealer banks are also issuing Store Value Card/ Charge Card/ Smart Card to residents traveling on private/business visit abroad which are used for making payments at overseas merchant establishments and also for drawing cash from ATM terminals. No prior permission from the Reserve Bank is required for issue of such cards. However, the use of such cards is limited to permissible current account transactions and subject to the prescribed limits under the FEM (CAT) Rules, 2000, as amended from time to time . A.24 Redemption of unutilized balance on prepaid travel cards: 24.1 As per the practice followed by issuers, resident Indians who purchase their travel cards, are permitted refund of the unutilized foreign exchange ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... est, makes the following rules, namely:-- 1. Short title and commencement .---(1) These rules may be called the Foreign Exchange Management (Current Account Transactions) Rules, 2000; (2) They shall come into effect on the 1st day of June 2000. 2. Definitions---In these rules, unless the context otherwise requires: (a) Act means the Foreign Exchange Management Act, 1999 (42 of 1999); (b) Drawal means drawal of foreign exchange from an authorised person and includes opening of Letter of Credit or use of International Credit Card or International Debit Card or ATM Card or any other thing by whatever name called which has the effect of creating foreign exchange liability; (c) Schedule means a schedule appended to these rules; (d) The words and expressions not defined in these rules but defined in the Act shall have the same meanings respectively assigned to them in the Act. 3. Prohibition on drawal of Foreign Exchange ---Drawal of foreign exchange by any person for the following purpose is prohibited, namely: a. a transaction specified in the Schedule I; or b. a travel to Nepal and/or Bhutan; or c. a transaction with a person resident in Nepa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esident Special Rupee (Account) Scheme. Schedule II Transactions which require prior approval of the Central Government (see Rule 4) Purpose of Remittance Ministry / Department of Govt. of India whose approval is required 1. Cultural Tours Ministry of Human Resources Development, (Department of Education and Culture) 2. Advertisement in foreign print media for the purposes other than promotion of tourism, foreign investments and international bidding (exceeding USD 10,000) by a State Government and its Public Sector Undertakings Ministry of Finance, (Department of Economic Affairs) 3. Remittance of freight of vessel chartered by a PSU Ministry of Surface Transport, (Chartering Wing) 4. Payment of import through ocean transport by a Govt. Department or a PSU on c.i.f. basis (i.e. other than f.o.b. and f.a.s. basis) Ministry of Surface Transport, (Chartering Wing) 5. Multi-modal transport operators making remittance to their agents abroad Regis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of emigration, medical institute offering treatment or the university, respectively: Provided further that if an individual remits any amount under the said Liberalised Remittance Scheme in a financial year, then the applicable limit for such individual would be reduced from USD 250,000 (US Dollars Two Hundred and Fifty Thousand Only) by the amount so remitted: provided also that for a person who is resident but not permanently resident in India and (a) is a citizen of a foreign State other than Pakistan; or (b) is a citizen of India, who is on deputation to the office or branch of a foreign company or subsidiary or joint venture in India of such foreign company, may make remittance up to his net salary (after deduction of taxes, contribution to provident fund and other deductions). Explanation : For the purpose of this item, a person resident in India on account of his employment or deputation of a specified duration (irrespective of length thereof) or for a specific job or assignments, the duration of which does not exceed three years, is a resident but not permanently resident: provided also that a person other than an individual may also avail of f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Serial No. __________________________ (For use of Reserve Bank of India) Currency _______________ Amount _____________ Equivalent to Rs. _____________________________ (To be completed by Authorised Dealer) I/We __________________________________________________________________________ (Name of applicant remitter) authorize _______________________________________________________________________ (Name of AD branch) Savings Bank/ Current/ RFC/ EEFC A/c. No. _______________________ together with their charges and * a) Issue a draft : Beneficiary's Name____________________________________ Address __________________________________ __________________________________ * b) Effect the foreign exchange remittance directly 1) Beneficiary's Name __________________________________ 2) Name and address of the bank __________________________________ 3) Account No. __________________________________ * c) Issue travelers cheques for __________________________________ * d) Issue foreign currency notes for __________________________________ * (Strike out whichever is not applicable) for the purpose indica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y large Non-life insurance claims) Non-Government S0099 Other capital payments not included elsewhere Financial Account Foreign Direct Investments S0003 Indian Direct investment abroad (in branches wholly owned subsidiaries) in equity Shares S0004 Indian Direct investment abroad (in subsidiaries and associates) in debt instruments S0005 Indian investment abroad in real estate S0006 Repatriation of Foreign Direct Investment made by overseas Investors in India in equity shares S0007 Repatriation of Foreign Direct Investment in made by overseas Investors India in debt instruments S0008 Repatriation of Foreign Direct Investment made by overseas Investors in India in real estate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of External Assistance received by India. 1 Transport S0201 Payments for surplus freight/passenger fare by foreign shipping companies operating in India S0202 Payment for operating expenses of Indian shipping companies operating abroad S0203 Freight on imports Shipping companies S0204 Freight on exports Shipping companies S0205 Operational leasing/Rental of Vessels (with crew) Shipping companies S0206 Booking of passages abroad Shipping companies S0207 Payments for surplus freight/passenger fare by foreign Airlines companies operating in India ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... S0306 Other travel (including holiday trips and payments for settling international credit cards transactions) 3 Construction Services S0501 Construction of projects abroad by Indian companies including import of goods at project site abroad S0502 Cost of construction etc. of projects executed by foreign companies in India. 4 Insurance and Pension Services S0601 Life Insurance premium except term insurance S0602 Freight insurance relating to import export of goods S0603 Other general insurance premium including reinsurance premium; and term life insurance premium S0605 Auxiliary services including commission on insurance S0607 Insurance claim Settlement of non-life insurance; and life insurance (only term insurance) S0608 Life Insurance Claim Settlements ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thout operating crew, including charter hire- Airlines companies S1004 Legal services S1005 Accounting, auditing, book-keeping services S1006 Business and management consultancy and public relations services S1007 Advertising, trade fair service S1008 Research Development services S1009 Architectural services S1010 Agricultural services like protection against insects disease, increasing of harvest yields, forestry services. S1011 Payments for maintenance of offices abroad S1013 Environmental Services S1014 Engineering Services S1015 Tax consulting services S1016 Market research and public opinion polling service S1017 Publishing and printing services ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... S1305 Contributions/donations by the Government to international institutions S1306 Remittance towards payment / refund of taxes. S1307 Outflows on account of migrant transfers including personal effects 12 Primary Income S1401 Compensation of employees S1402 Remittance towards interest on Non-Resident deposits (FCNR(B)/NR(E)RA, etc.) S1403 Remittance towards interest on loans from Non-Residents (ST/MT/LT loans) e.g. External Commercial Borrowings, Trade Credits, etc. S1405 Remittance towards interest payment by ADs on their own account (to VOSTRO a/c holders or the OD on NOSTRO a/c.) S1408 Remittance of profit by FDI enterprises in India (by branches of foreign companies including bank branches) S1409 Remittance of dividends by FDI enterprises in India (other than branches) on equity and investment fund shares ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 5*. Account No .. (* Required only when the remittance is to be directly credited to the bank account of the beneficiary) This is to authorize you to debit my account and effect the foreign exchange remittance/ issue a draft as detailed above (strike out whichever is not applicable). VI. Details of the remittances made/transactions effected under the Scheme in the current financial year (April- March) .. Sl. No .Date : Amount : . Name and address of AD branch/FFMC through which the transaction has been effected. Declaration I, . (Name), hereby declare that the total amount of foreign exchange purchased from or remitted through, all sources in India during the financial year as per item No .of the Application, is within the overall limit of USD 250, 000/- (US Dollar Two hundred and Fifty Thousand only), which is the limit prescribed by the Reserve Bank of India for the purpose and certify that the source of funds for making the said remittance belongs to me and the foreign exchange will not be used for prohibited purposes. Signature of the applicant (Name) Certificate by the Authorised Dealer This is to c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me, drawal of foreign exchange for the transactions included in Schedule I thereto is prohibited. Authorised Dealers may release foreign exchange for transactions included in Schedule II to the Rules, provided the applicant has secured the approval from the Ministry/Department of Government of India indicated against the transaction. In respect of transactions included in Schedule III, iindividuals can avail of foreign exchange facility for the transactions included in Para 1 of Schedule III to Foreign Exchange Management (Current Account Transactions) Amendment Rules, 2015, within the limit of USD 2,50,000 only. If an individual remits any amount under the Liberalised Remittance Scheme in a financial year, then the applicable limit for such individual would be reduced from USD 250,000 by the amount so remitted. However, for emigration; expenses in connection with medical treatment abroad and studies abroad, individuals may avail of exchange facility for an amount in excess of the overall limit prescribed under the LRS, if it is so required by a country of emigration; medical institute offering treatment or the university respectively. Authorised Dealers may allow remittan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with the bank for a minimum period of one year prior to the remittances for capital account transactions. If the applicant seeking to make the remittances is a new customer of the bank, Authorised Dealers should carry out due diligence on the opening, operation and maintenance of the account. Further, the Authorised Dealers should obtain bank statement for the previous year from the applicant to satisfy themselves regarding the source of funds. If such a bank statement is not available, copies of the latest Income Tax Assessment Order or Return filed by the applicant may be obtained. The Authorised Dealer should ensure that the payment is received out of funds belonging to the person seeking to make the remittances, by a cheque drawn on the applicant s bank account or by debit to his account or by Demand Draft / Pay Order. The banks should not extend any kind of credit facilities to resident individuals to facilitate remittances under the Scheme. The remittances made under this Scheme will be reported in the R-Return in the normal course. The Authorised Dealers may also prepare and keep on record dummy Form A2, in respect of remittances less than USD 25,000. In addition, A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Increase in release of foreign exchange for private visits abroad November 18, 2002 11. A.P. (DIR Series) Circular No.53 Resident Foreign Currency (Domestic) Account - Facility for Resident Individuals November 23, 2002 12. A.P. (DIR Series) Circular No.54 Remittance of Foreign Exchange for Miscellaneous purposes November 25, 2002 13. A.P. (DIR Series) Circular No.56 Income Tax Clearance Certificate/No Objection Certificate from Income Tax Authorities Revision of format of undertaking and certificate November 26,2002 14. A.P. (DIR Series) Circular No.64 Resident Foreign Currency (Domestic) Account Facility for Resident Individuals December 24, 2002 15. A.P. (DIR Series) Circular No.65 Foreign Exchange Management Act, 1999 Advance Remittances for Services ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... FEMA 1999 Current Account Transactions Remittance for maintenance of close relatives abroad- Requests of Indian Nationals on deputation to India from Overseas Companies April 17, 2004 28. A.P. (DIR Series) Circular No.90 Acquisition of Foreign Securities by Resident Individuals under ESOP Scheme May 3, 2004 29. A.P. (DIR Series) Circular No.20 Foreign Exchange Management Act (FEMA), 1999 Current Account Transactions Remittance of Hiring Charges of Transponders Procedural Changes October 25, 2004 30. A.P. (DIR Series) Circular No.38 Liberalised Remittance Scheme of USD 25,000 for Resident Individuals March 31, 2005 31. A.P. (DIR Series) Circular No.46 Use of International Debit Cards/Store Value Cards/Charge Cards/Smart Cards by Resident Indians while on a visit outside India June 14, 2005 32. A.P. (DIR Series) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce for import of Services October 5, 2009 44. A.P. (DIR Series) Circular No.11 Issue of Bank Guarantee on behalf of service importers October 5, 2009 45. A.P. (DIR Series) Circular No. 50 A.P.(FL Series) Circular No. 7 Release of Foreign Exchange for Visits Abroad Currency Component May 4, 2010 46. A.P. (DIR Series) Circular No.52 Foreign Exchange Management Act (FEMA), 1999 Current Account Transactions Liberalisation May 13, 2010 47. A.P. (DIR Series) Circular No.29 Use of International Debit Cards/ Store Value Cards/Charge Cards/Smart Cards by resident Indians while on a visit outside India December 22, 2010 48. A.P. (DIR Series) Circular No. 48 Acquisition of credit card/debit card transactions in India by overseas banks - payments for airline tickets April 5, 2011 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndividuals-Increase in the limit from USD 75,000 to USD 125,000 June 3, 2014 60. A.P.(DIR Series) Circular No. 5 LRS for resident individuals-Increase in the limit from USD 75,000 to USD 125,000 July 17, 2014 61. A.P. (DIR Series) Circular No. 19 Liberalised Remittance Scheme for resident individuals-clarification August 11, 2014 62. A.P. (DIR Series) Circular No. 40 Release of Foreign Exchange for Haj/ Umrah pilgrimage November 21, 2014 63. A.P.(DIR Series) Circular No. 106 I. 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 June 01, 2015 APPENDIX-2 1. Section 5 of FEMA, 1999 Current Account Transactions Any person may sell or draw foreign exchange to or from an authorised person ..... X X X X Extracts X X X X X X X X Extracts X X X X
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