Liberalised Remittance Scheme permits resident individuals to remit abroad for permitted transactions subject to compliance and reporting. Consolidates RBI instructions under FEMA and the Current Account Transactions Rules, delegating to Authorised Dealers the release of foreign exchange for permitted current and specified capital account transactions, while delineating prohibited transactions and those requiring Government or Reserve Bank approval. It operationalises the Liberalised Remittance Scheme for resident individuals with eligibility, permitted uses, documentation (Form A 2, declaration, PAN), AD reporting obligations, KYC/AML and tax compliance, rules on surrender/redemption of unspent foreign exchange, and procedural safeguards for issuance of guarantees and use of international cards and prepaid instruments.
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 permits resident individuals to remit abroad for permitted transactions subject to compliance and reporting.
Consolidates RBI instructions under FEMA and the Current Account Transactions Rules, delegating to Authorised Dealers the release of foreign exchange for permitted current and specified capital account transactions, while delineating prohibited transactions and those requiring Government or Reserve Bank approval. It operationalises the Liberalised Remittance Scheme for resident individuals with eligibility, permitted uses, documentation (Form A 2, declaration, PAN), AD reporting obligations, KYC/AML and tax compliance, rules on surrender/redemption of unspent foreign exchange, and procedural safeguards for issuance of guarantees and use of international cards and prepaid instruments.
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