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of <h1>Liberalised Remittance Scheme Bans Transfers for Lotteries, Foreign Exchange Trading, and Terrorism Risk Entities Under Schedule I & II.</h1> The Liberalised Remittance Scheme prohibits remittances for purposes specifically banned under Schedule-I, such as lottery purchases and restricted items under Schedule II of the Foreign Exchange Management Rules, 2000. It also restricts remittances for margins to overseas exchanges, purchasing FCCBs in overseas markets, foreign exchange trading abroad, and capital account remittances to FATF-identified non-cooperative countries. Additionally, remittances to individuals or entities posing terrorism risks, as advised by the Reserve Bank, and gifting foreign currency by a resident to another resident for credit in a foreign currency account abroad are prohibited.
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