Liberalised Remittance Scheme permits resident individuals to remit abroad for permitted current and capital transactions subject to limits and exclusions. Authorised Dealers are delegated authority to release foreign exchange to residents for specified non trade current account and certain capital account transactions under FEMA, subject to schedule based prohibitions and referral to the Reserve Bank for amounts exceeding delegated limits; the circular prescribes categories of permissible remittances, self declaration and documentation thresholds (including simplified Form A2 and PAN requirement for the Liberalised Remittance Scheme), a 180 day surrender rule for unspent exchange, residency foreign currency account provisions, and operational conditions for cards, guarantees, advance remittances and reporting by AD banks.
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Provisions expressly mentioned in the judgment/order text.
Liberalised Remittance Scheme permits resident individuals to remit abroad for permitted current and capital transactions subject to limits and exclusions.
Authorised Dealers are delegated authority to release foreign exchange to residents for specified non trade current account and certain capital account transactions under FEMA, subject to schedule based prohibitions and referral to the Reserve Bank for amounts exceeding delegated limits; the circular prescribes categories of permissible remittances, self declaration and documentation thresholds (including simplified Form A2 and PAN requirement for the Liberalised Remittance Scheme), a 180 day surrender rule for unspent exchange, residency foreign currency account provisions, and operational conditions for cards, guarantees, advance remittances and reporting by AD banks.
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