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of <h1>Liberalised Remittance Scheme: Available to All Residents, Including Minors; Family Can Consolidate Remittances; Art Purchases Allowed.</h1> The circular clarifies the Liberalised Remittance Scheme (LRS) for resident individuals, stating that it is available to all residents, including minors, with the requirement that a minor's LRS declaration form be countersigned by their guardian. Family members can consolidate remittances if each complies with the scheme's terms. Remittances can be used for purchasing art, subject to applicable laws. Other terms from previous circulars remain unchanged. Authorized Dealer Category - I banks are instructed to inform their clients of these clarifications. The circular is issued under the Foreign Exchange Management Act, 1999.
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