Liberalised remittance limit for resident individuals permits annual outward transfers for current and capital account purposes. Resident individuals may remit under a liberalised annual limit for any current or capital account purpose; they may acquire foreign assets and open foreign currency accounts abroad without prior central bank approval. Remitters must designate an AD branch, submit the prescribed application cum declaration certifying purpose and source of funds, and authorise debit. ADs must apply KYC and anti money laundering safeguards, verify account history or perform enhanced due diligence for new customers, ensure funds originate from the remitter, certify conformity with exclusions and report transactions to the Reserve Bank.