Liberalised Remittance Scheme enables resident individuals to remit abroad for permitted transactions subject to bank compliance and reporting. Authorised Dealers may permit outward remittances by resident individuals for specified current and permitted capital transactions under the Foreign Exchange Management Act and Rules, subject to prescribed ceilings, self declaration or documentary requirements, KYC/AML compliance, record retention, refusal/reporting obligations for suspicious transactions, and reporting of remittances (including those under the Liberalised Remittance Scheme) to the Reserve Bank. The Circular also sets rules for sale, surrender and retention of foreign exchange, operation of Resident Foreign Currency accounts, treatment of prepaid and payment cards, and conditions where prior government or Reserve Bank approval is required.
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 enables resident individuals to remit abroad for permitted transactions subject to bank compliance and reporting.
Authorised Dealers may permit outward remittances by resident individuals for specified current and permitted capital transactions under the Foreign Exchange Management Act and Rules, subject to prescribed ceilings, self declaration or documentary requirements, KYC/AML compliance, record retention, refusal/reporting obligations for suspicious transactions, and reporting of remittances (including those under the Liberalised Remittance Scheme) to the Reserve Bank. The Circular also sets rules for sale, surrender and retention of foreign exchange, operation of Resident Foreign Currency accounts, treatment of prepaid and payment cards, and conditions where prior government or Reserve Bank approval is required.
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