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of <h1>RBI's Liberalised Remittance Scheme: Residents Can Remit Up to $25k Annually; Excludes Corporates and Firms; Compliance Required.</h1> The circular issued by the Reserve Bank of India introduces a Liberalised Remittance Scheme allowing resident individuals to remit up to USD 25,000 per calendar year for any current or capital account transactions without prior approval. This scheme excludes corporates, partnership firms, and other entities. It permits acquiring assets abroad and maintaining foreign currency accounts. Restrictions include remittances for prohibited activities, to certain countries, or to individuals/entities posing terrorism risks. Remitters must designate a branch for transactions, comply with 'Know Your Customer' guidelines, and ensure funds belong to them. Authorized Dealers must report transactions and adhere to anti-money laundering rules.
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