Liberalized Remittance Scheme clarifies permissible overseas investments and separate remittance routes for education and medical expenses. The circular clarifies that under the Liberalized Remittance Scheme resident individuals may acquire both listed and unlisted overseas shares; that education and medical remittances under Schedule III remain separate and may be made over and above the LRS ceiling; gifts and donations are subsumed under LRS; immovable property purchases abroad are permitted under LRS only for contracts entered into on or before the circular date subject to AD bank verification and post facto reporting; and AD Category I banks must communicate and implement these directions issued under FEMA.
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Provisions expressly mentioned in the judgment/order text.
Liberalized Remittance Scheme clarifies permissible overseas investments and separate remittance routes for education and medical expenses.
The circular clarifies that under the Liberalized Remittance Scheme resident individuals may acquire both listed and unlisted overseas shares; that education and medical remittances under Schedule III remain separate and may be made over and above the LRS ceiling; gifts and donations are subsumed under LRS; immovable property purchases abroad are permitted under LRS only for contracts entered into on or before the circular date subject to AD bank verification and post facto reporting; and AD Category I banks must communicate and implement these directions issued under FEMA.
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