Tuesday, June 16, 2015

LIBERALISED REMITTANCE SCHEME (LRS) FOR RESIDENT INDIVIDUALS

AD banks may now allow remittances by a resident individual up to USD 250,000 per financial year for any permitted Current or Capital account transaction.
The permissible capital account transactions by an individual under LRS are:

  • Opening of foreign currency account abroad with a bank;
  • Purchase of property abroad;
  • Making investments abroad; setting up Wholly owned subsidiaries and Joint Ventures abroad;
  • Extending loans including loans in Indian Rupees to Non-resident Indians (NRIs) who are relatives as defined in Companies Act, 2013.

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