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of <h1>FEMA and RBI rules: ADs must follow current account rules, LRS USD 250,000 cap, KYC/AML, approvals for prohibited transactions</h1> The circular consolidates directions under FEMA governing miscellaneous remittance facilities: Authorised Dealers (including AD-Category II) must follow Current Account Rules and Reserve Bank directions when releasing foreign exchange; resident individuals may remit under the Liberalised Remittance Scheme cap of USD 250,000/financial year (excess requires RBI approval); certain transactions are prohibited (e.g., lottery, dealings with Nepal/Bhutan) or need prior government/RBI approval; rules on international credit/debit/store-value cards, cash limits, surrender/retention of unspent FX, and issuance of guarantees are specified; ADs must perform KYC/AML checks, retain Form A2 and comply with tax withholding laws.
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