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of <h1>Residents Can Use Up to $250K Annually for Foreign Exchange Under LRS for Various Expenses Per FEM (CAT) Rules 2015</h1> Under the FEM (CAT) Amendment Rules, 2015, resident individuals can utilize the foreign exchange facility for various purposes within the Liberalised Remittance Scheme (LRS) limit of USD 250,000 per financial year. These purposes include private visits (excluding Nepal and Bhutan), gifts or donations, employment abroad, emigration, maintenance of relatives overseas, business travel, medical expenses, studies, and other permissible current account transactions. Authorized Dealer (AD) banks can process these transactions without Reserve Bank of India (RBI) approval, provided they are not restricted under FEM (CAT) Rules or defined in FEMA 1999, ensuring transaction authenticity.
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