Liberalised Remittance Scheme permits resident individuals to remit abroad subject to documentation, KYC and reporting obligations. The Master Circular consolidates rules under FEMA governing resident drawal and remittance of foreign exchange, delegating specified release powers to Authorised Dealers while identifying prohibited transactions and transactions requiring prior Government or Reserve Bank approval under Schedules I-III. It details operational procedures for self declaration releases, documentation and KYC obligations under Section 10(5), surrender and retention of unspent exchange, Resident Foreign Currency accounts, advance remittances and guarantees for import of services, and sets out the terms and reporting and PAN requirements for the Liberalised Remittance Scheme for resident individuals.
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Provisions expressly mentioned in the judgment/order text.
Liberalised Remittance Scheme permits resident individuals to remit abroad subject to documentation, KYC and reporting obligations.
The Master Circular consolidates rules under FEMA governing resident drawal and remittance of foreign exchange, delegating specified release powers to Authorised Dealers while identifying prohibited transactions and transactions requiring prior Government or Reserve Bank approval under Schedules I-III. It details operational procedures for self declaration releases, documentation and KYC obligations under Section 10(5), surrender and retention of unspent exchange, Resident Foreign Currency accounts, advance remittances and guarantees for import of services, and sets out the terms and reporting and PAN requirements for the Liberalised Remittance Scheme for resident individuals.
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