Liberalised Remittance Scheme permits resident individuals to remit abroad for permitted transactions subject to compliance and reporting. Consolidates permissions and operational instructions under FEMA for release and use of foreign exchange by residents: Authorised Dealers may release foreign exchange for specified non trade current account purposes within delegated ceilings, apply self declaration for certain remittances, observe KYC/AML and record keeping obligations, enforce surrender and retention rules for unspent foreign exchange, and implement the Liberalised Remittance Scheme permitting resident individuals to remit abroad for permitted current or capital transactions subject to PAN, reporting and exclusions; additional provisions cover international cards, prepaid travel card redemption, guarantees for import of services and loans to NRI/PIO close relatives under LRS.
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Provisions expressly mentioned in the judgment/order text.
Liberalised Remittance Scheme permits resident individuals to remit abroad for permitted transactions subject to compliance and reporting.
Consolidates permissions and operational instructions under FEMA for release and use of foreign exchange by residents: Authorised Dealers may release foreign exchange for specified non trade current account purposes within delegated ceilings, apply self declaration for certain remittances, observe KYC/AML and record keeping obligations, enforce surrender and retention rules for unspent foreign exchange, and implement the Liberalised Remittance Scheme permitting resident individuals to remit abroad for permitted current or capital transactions subject to PAN, reporting and exclusions; additional provisions cover international cards, prepaid travel card redemption, guarantees for import of services and loans to NRI/PIO close relatives under LRS.
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