https://www.taxtmi.com/news?id=14264 The Liberalised Remittance Scheme allows resident individuals to remit abroad for permissible current and capital account transactions within an annual ceiling, authorising acquisition of overseas assets, foreign currency accounts abroad, and various investment instruments. It specifies prohibited remittances (including items under Schedule I/II, margin calls, certain secondary market purchases, and remittances to identified high risk countries or persons), sets gross basis treatment and family consolidation rules, and imposes compliance obligations on remitters and Authorised Dealers, including PAN, designated AD branch, due diligence and prescribed declarations. Credit facilitation and foreign currency accounts in India are disallowed under the Scheme. en-us Tue, 31 Mar 2015 16:15:27 +0530 Tue, 31 Mar 2015 16:15:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=14264 The Liberalised Remittance Scheme allows resident individuals to remit abroad for permissible current and capital account transactions within an annual ceiling, authorising acquisition of overseas assets, foreign currency accounts abroad, and various investment instruments. It specifies prohibited remittances (including items under Schedule I/II, margin calls, certain secondary market purchases, and remittances to identified high risk countries or persons), sets gross basis treatment and family consolidation rules, and imposes compliance obligations on remitters and Authorised Dealers, including PAN, designated AD branch, due diligence and prescribed declarations. Credit facilitation and foreign currency accounts in India are disallowed under the Scheme. News - Tue, 31 Mar 2015 16:15:27 +0530 https://www.taxtmi.com/news?id=14264