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of <h1>India Reduces Liberalised Remittance Scheme Limit to USD 75,000; Restricts Overseas Property Purchases and NRI Gifts.</h1> The circular issued on August 14, 2013, announces a reduction in the Liberalised Remittance Scheme (LRS) limit for resident individuals from USD 200,000 to USD 75,000 per financial year. This change is effective immediately and applies to permitted current or capital account transactions. The scheme now prohibits the use of funds for acquiring immovable property outside India and for illegal activities. Resident individuals can establish Joint Ventures or Wholly Owned Subsidiaries abroad within the new limit. Additionally, the limit for gifts and loans to NRI relatives is adjusted to USD 75,000. Other existing terms remain unchanged.
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