Liberalised Remittance Scheme permits resident individuals to remit abroad for permitted transactions subject to KYC and reporting requirements. Regulation of miscellaneous remittances under FEMA allocates authority: drawals for Schedule I purposes are prohibited; Schedule II requires Government approval and Schedule III requires Reserve Bank approval above specified thresholds, with Authorised Dealers permitted to release foreign exchange up to delegated limits. Authorised Dealers may allow a range of non trade current account remittances (private/business travel, education, medical treatment, tour operator settlements, etc.) on self declaration or simplified documentation within prescribed ceilings, enforce KYC and record keeping under Section 10(5), and report transactions and guarantee invocations to the Reserve Bank.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Liberalised Remittance Scheme permits resident individuals to remit abroad for permitted transactions subject to KYC and reporting requirements.
Regulation of miscellaneous remittances under FEMA allocates authority: drawals for Schedule I purposes are prohibited; Schedule II requires Government approval and Schedule III requires Reserve Bank approval above specified thresholds, with Authorised Dealers permitted to release foreign exchange up to delegated limits. Authorised Dealers may allow a range of non trade current account remittances (private/business travel, education, medical treatment, tour operator settlements, etc.) on self declaration or simplified documentation within prescribed ceilings, enforce KYC and record keeping under Section 10(5), and report transactions and guarantee invocations to the Reserve Bank.
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