Liberalised Remittance Scheme limit reduced; remittances capped, foreign property acquisition barred, and JV/WOS allowed with conditions. The Liberalised Remittance Scheme ceiling for resident individuals is immediately reduced to a lower per financial year cap; AD Category I banks may allow remittances only up to that cap for permitted current or capital account transactions. The Scheme cannot be used for acquisition of immovable property abroad and remains barred for prohibited or illegal activities. Resident individuals may set up Joint Ventures or Wholly Owned Subsidiaries abroad for bonafide business within the cap subject to conditions in the cited FEMA notification, and gift and rupee loan limits to NRI close relatives are aligned with the revised cap.
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 limit reduced; remittances capped, foreign property acquisition barred, and JV/WOS allowed with conditions.
The Liberalised Remittance Scheme ceiling for resident individuals is immediately reduced to a lower per financial year cap; AD Category I banks may allow remittances only up to that cap for permitted current or capital account transactions. The Scheme cannot be used for acquisition of immovable property abroad and remains barred for prohibited or illegal activities. Resident individuals may set up Joint Ventures or Wholly Owned Subsidiaries abroad for bonafide business within the cap subject to conditions in the cited FEMA notification, and gift and rupee loan limits to NRI close relatives are aligned with the revised cap.
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