Resident individuals (but not permanently resident in India) can remit up to net salary after deduction of taxes. However, if he has exhausted the limit of USD 2,50,000 as net salary remittance and desires to remit any other income under LRS is it permissible as the limit will be over and above USD 2,50,000?
Liberalised Remittance Scheme - As on Apr 06, 2023
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Liberalised Remittance Scheme: resident non permanent Indians may seek RBI approval to remit other income after exhausting salary remittances. Liberalised Remittance Scheme allows resident individuals not permanently resident in India to remit net salary after tax within the LRS ceiling. If the ... Summary
Liberalised Remittance Scheme: resident non permanent Indians may seek RBI approval to remit other income after exhausting salary remittances.
Liberalised Remittance Scheme allows resident individuals not permanently resident in India to remit net salary after tax within the LRS ceiling. If the net salary remittance entitlement has been exhausted and the individual seeks to remit other income under LRS, the individual must approach the Reserve Bank of India through their authorised dealer bank with supporting documents for consideration and possible approval under FEMA guidance.
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