Permanent Account Number requirement now mandatory for liberalised remittances; 'relative' aligned with Companies Act definition. The Reserve Bank mandates furnishing of Permanent Account Number for all Liberalised Remittance Scheme transfers, standardising data and compliance; it also aligns the definition of relative for maintenance-related remittances with the Companies Act, 2013 and updates the Master Direction on LRS. The directions are issued under the Foreign Exchange Management Act, 1999 and are without prejudice to other statutory permissions.
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Permanent Account Number requirement now mandatory for liberalised remittances; 'relative' aligned with Companies Act definition.
The Reserve Bank mandates furnishing of Permanent Account Number for all Liberalised Remittance Scheme transfers, standardising data and compliance; it also aligns the definition of relative for maintenance-related remittances with the Companies Act, 2013 and updates the Master Direction on LRS. The directions are issued under the Foreign Exchange Management Act, 1999 and are without prejudice to other statutory permissions.
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