Liberalised Remittance Scheme limit governs permissible resident remittances abroad with KYC, PAN and documentation requirements. The Liberalised Remittance Scheme permits resident individuals to remit funds abroad up to the specified annual limit for permitted current and capital account transactions. Authorised Dealers must obtain Form A2, verify PAN and KYC, maintain due diligence and reporting, refuse suspected contraventions, and not extend credit to facilitate capital remittances. Permitted uses include travel, gifts, education, medical treatment, studies, certain overseas investments and loans/gifts to NRI/PIO relatives subject to prescribed conditions. Funds or income from overseas investments must be repatriated and surrendered within the stipulated period unless reinvested.
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 limit governs permissible resident remittances abroad with KYC, PAN and documentation requirements.
The Liberalised Remittance Scheme permits resident individuals to remit funds abroad up to the specified annual limit for permitted current and capital account transactions. Authorised Dealers must obtain Form A2, verify PAN and KYC, maintain due diligence and reporting, refuse suspected contraventions, and not extend credit to facilitate capital remittances. Permitted uses include travel, gifts, education, medical treatment, studies, certain overseas investments and loans/gifts to NRI/PIO relatives subject to prescribed conditions. Funds or income from overseas investments must be repatriated and surrendered within the stipulated period unless reinvested.
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