Liberalised Remittance Scheme annual limit increased; remittances restricted to permissible current or capital account transactions. Authorised Dealer Category I banks are directed to permit remittances by resident individuals up to the revised annual limit for any permitted current or capital account transaction or combination thereof, subject to a modified Application cum Declaration. Remittances are allowed only for permissible current or capital account transactions; transactions not permissible under FEMA and margin or margin-call payments to overseas exchanges or counterparties are excluded. Banks must not extend credit to residents to facilitate remittances, and prior Scheme conditions continue to apply while amendments to FEMA regulations are notified.
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Provisions expressly mentioned in the judgment/order text.
Liberalised Remittance Scheme annual limit increased; remittances restricted to permissible current or capital account transactions.
Authorised Dealer Category I banks are directed to permit remittances by resident individuals up to the revised annual limit for any permitted current or capital account transaction or combination thereof, subject to a modified Application cum Declaration. Remittances are allowed only for permissible current or capital account transactions; transactions not permissible under FEMA and margin or margin-call payments to overseas exchanges or counterparties are excluded. Banks must not extend credit to residents to facilitate remittances, and prior Scheme conditions continue to apply while amendments to FEMA regulations are notified.
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