https://www.taxtmi.com/circulars?id=52365 The Liberalised Remittance Scheme ceiling for resident individuals is immediately reduced to a lower per financial year cap; AD Category I banks may allow remittances only up to that cap for permitted current or capital account transactions. The Scheme cannot be used for acquisition of immovable property abroad and remains barred for prohibited or illegal activities. Resident individuals may set up Joint Ventures or Wholly Owned Subsidiaries abroad for bonafide business within the cap subject to conditions in the cited FEMA notification, and gift and rupee loan limits to NRI close relatives are aligned with the revised cap. en-us Wed, 14 Aug 2013 00:00:00 +0530 Wed, 14 Aug 2013 18:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=52365 The Liberalised Remittance Scheme ceiling for resident individuals is immediately reduced to a lower per financial year cap; AD Category I banks may allow remittances only up to that cap for permitted current or capital account transactions. The Scheme cannot be used for acquisition of immovable property abroad and remains barred for prohibited or illegal activities. Resident individuals may set up Joint Ventures or Wholly Owned Subsidiaries abroad for bonafide business within the cap subject to conditions in the cited FEMA notification, and gift and rupee loan limits to NRI close relatives are aligned with the revised cap. Circulars FEMA Wed, 14 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/circulars?id=52365