TMI BlogViolation of LRS LimitX X X X Extracts X X X X X X X X Extracts X X X X ..... In FEMA, if one person inadvertently sent USD 1,00,000/- under LRS where the LRS limit for that years was USD 75,000/-, can the department say entire USD 1 lac is violation? My logic is there is viola ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion only to the extent of USD 25,000/-. Is there any decided cases in this aspect? - Reply By YAGAY andSUN - The Reply = In legal matters logic does not work but interpretation does. The Liberal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ised Remittance Scheme (LRS) lays down the guidelines for outward remittances from India. It is part of the Foreign Exchange Management Act (FEMA) 1999 by the Reserve Bank of India (RBI). Unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the LRS, the upper limit of remittance is $2,50,000 per financial year. You can send money abroad for genuine reasons like your child's education or to fund personal expenses. You cannot r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... emit funds abroad for buying lotteries or banned magazines, amongst others. LRS applies to all resident individuals in India. - Violation of LRS Limit - Query Started By: - Jameskutty Antony Dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed:- 10-6-2022 FEMA - Foreign Exchange Management - Got 1 Reply - FEMA - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... axmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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