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of <h1>New Guidelines for Foreign Exchange Transactions under FEMA: Remittances, LRS, and Documentation Rules for Residents.</h1> The Master Circular on Miscellaneous Remittances from India provides comprehensive guidelines for authorized dealers on foreign exchange transactions for residents under the Foreign Exchange Management Act (FEMA), 1999. It consolidates existing instructions regarding various remittance facilities, including private visits, cultural tours, employment abroad, emigration, maintenance of relatives, business trips, medical treatment, and education. The Liberalised Remittance Scheme (LRS), allowing resident individuals to remit up to USD 250,000 per financial year for permitted transactions. It also specifies conditions for issuing guarantees, using international credit and debit cards, and documentation requirements. The circular is updated periodically to reflect new instructions and amendments.
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