TaxTMI 
TaxTMI 
Master Circular on Miscellaneous Remittances from India –Facilities for Residents
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....fer to respective circulars/ notifications for detailed information, if so needed. Yours faithfully, (B.P. Kanungo) Principal Chief General Manager INDEX A.1 General : 3 A.2 Sale of Exchange : 5 A.3 Cultural Tours : 6 A.4 Private Visits : 6 A.5 Gift/donation : 7 A.6 A.7 A8 A9 Going abroad on employment Emigration Maintenance of close relatives abroad Business trip : : : : 7 7 8 8 A.10 A11 A12 A13 Medical treatment abroad Facilities available to students for pursuing their studies abroad Any other current account transaction as given at item no. (ix) of Para 1 of Schedule III to FEM (CAT) Amendment Rules, 2015 Period of surrender of foreign exchange : : : : 8 9 10 10 A.14 Unspent Foreign Exchange : 10 A.15 Remittances for Tour Arrangements, etc : 12 A.16 Payment in Rupees : 13 A.17 Issue of Guarantee- Import of services : 14 A.18 Liberalised Remittance Scheme for Resident Individuals : 14 A.19 Facility to grant loan to NRI/ PIO close relative under Liberalised Remittance Scheme : 17 A.20 Documentation : 18 A.21 International Credit Cards : 19 A.22 International Debit Cards : 20 A.23 Store....
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.... under the Act apply to the use of ICC, IDC and ATM Cards. 1.3 In order to provide adequate foreign exchange facilities and efficient customer service, the Reserve Bank has decided to grant licenses to certain entities by authorising them as Authorised Dealer - Category II to undertake a range of non-trade current account transactions. Accordingly, Authorised Dealer - Category II are authorised to release / remit foreign exchange for the following non-trade current account transactions: (a) Private visits, (b) Remittance by tour operators / travel agents to overseas agents / principals / hotels, (c) Business travel, (d) Fee for participation in global conferences and specialized training, (e) Remittance for participation in international events / competitions (towards training, sponsorship and prize money), (f) Film shooting, (g) Medical treatment abroad, (h) Disbursement of crew wages, (i) Overseas education, (j) Remittance under educational tie up arrangements with universities abroad, (k) Remittance towards fees for examinations held in India and abroad and additional score sheets for GRE, TOEFL, etc. (l) Employment and processing, assessment fees for overseas job a....
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....is allowed to take INR of denomination of ₹ 100 or lesser denomination, to Nepal and Bhutan, without any limits. For denominations of ₹ 500 and ₹ 1,000, the limit is ₹ 25,000. 2.5 The form A2 relating to sale of foreign exchange should be retained for a period of one year by the Authorised Persons, together with the related documents, for the purpose of verification by their Internal Auditors. For effecting current account remittances not exceeding USD 25,000 Authorised Dealers need only a simple letter from the applicant containing the basic information, viz., names and the addresses of the applicant and the beneficiary, amount to be remitted and the purpose of remittance. However, this is subject to the condition that the payment is made by a cheque drawn on the applicant's bank account or by a Demand Draft. AD banks shall prepare dummy A-2 so as to enable them to provide purpose of remittance for statistical inputs for Balance of Payment 2.6 In cases where the remittances are allowed on the basis of self-declaration, the onus of furnishing the correct details in the application will remain with the applicant who has certified the details relating to....
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.... institutes; and (c) contribution to a technical institution or body or association in the field of activity of the donor Company. Any additional remittance in excess of the same shall require prior approval of the Reserve Bank of India. A. 6 Going abroad on employment 6.1 A person going abroad for employment can draw foreign exchange up to USD 2,50,000 per financial year from any Authorised Dealer in India on the basis of self-declaration in Form A2 and 'Application cum declaration for purchase of foreign exchange under LRS of USD 250,000'. This limit has been subsumed under the Liberalised Remittance Scheme w.e.f. May 26, 2015. If an individual remits any amount under the Liberalised Remittance Scheme in a financial year, then the applicable limit for such individual would be reduced from USD 250,000 by the amount so remitted. A.7 Emigration A person going abroad on emigration can draw foreign exchange from AD Category I bank and AD Category II bank up to the amount prescribed by the country of emigration or USD 250,000. This amount is only to meet the incidental expenses in the country of emigration. Further, this remittance is not for undertaking any capital account transa....
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....proceeding abroad may also be released foreign exchange by an Authorised Dealer for medical treatment outside India. 10.4 In addition to the above, an amount up to USD 250,000 per financial year is allowed to a person for accompanying as attendant to a patient going abroad for medical treatment/check-up. A. 11 Facilities available to students for pursuing their studies abroad. 11.1 AD Category I banks and AD Category II, may release foreign exchange up to USD 2,50,000 or its equivalent to resident individuals for studies abroad on self-declaration basis in Form A2 and 'Application cum declaration for purchase of foreign exchange under LRS of USD 250,000', without insisting on any estimate from the foreign University. However, AD Category I bank and AD Category II may allow remittances exceeding USD 250,000 based on the estimate received from the institution abroad. 11.2 Students going abroad for studies are treated as Non-Resident Indians (NRIs) and are eligible for all the facilities available to NRIs under FEMA, 1999. Educational and other loans availed of by students as residents in India can be allowed to continue. A student holding NRO account may withdraw and repatriate u....
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....ys. (cf. Notification No. FEMA 11/2000-RB dated May 3, 2000). Foreign exchange so retained, can be utilized by the traveller for his subsequent visit abroad. 14.3 A resident individual in India can open, hold and maintain with an Authorised Dealer in India, a Resident Foreign Currency (Domestic) Account, out of foreign exchange acquired in the form of currency notes, bank notes and travellers cheques. The eligible credits to the Resident Foreign Currency (Domestic) Account, are as under :- a) while on a visit to any place outside India by way of payment for services not arising from any business in or anything done in India; or b) from any person not resident in India and who is on a visit to India, as honorarium or gift or for services rendered or in settlement of any lawful obligation; or c) by way of honorarium or gift while on a visit to any place outside India; or d) represents the unspent amount of foreign exchange acquired by him from an authorised person for travel abroad. e) as gift from a close relative; Explanation: For the purpose of this clause, "close relative" means relative as defined in Section 6 of the Indian Companies Act, 1956. f) by way of ear....
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....redits to the account are by way of depositing i) collections made in foreign exchange from travellers; and ii) refunds received from outside India on account of cancellation of bookings / tour arrangements, etc., and b) the debits in foreign exchange are for making payments towards hotel accommodation, tour arrangements, etc., outside India. 15.4 Authorised Dealer may allow tour operators to remit the cost of rail/ road/ water/- transportation charges outside India without any prior approval from the Reserve Bank, net of commission/ mark up due to the agent. The sale of passes/ ticket in India can be made either against the payment in Indian Rupees or in foreign exchange released for visits abroad. The cost of passes/tickets collected in Indian Rupees need not be adjusted in the travellers' entitlement of foreign exchange for private visit. 15.5 In respect of consolidated tours arranged by travel agents in India for foreign tourists visiting India and neighbouring countries like Nepal, Bangladesh, Sri Lanka, etc., against advance payments/ reimbursement through an Authorised Dealer, part of the foreign exchange received in India against such consolidated tour arrangement, may....
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....r import of services in the normal course. (c) The guarantee is to secure a direct contractual liability arising out of a contract between a resident and a non-resident. 17.2 In the case of a Public Sector Company or a Department/ Undertaking of the Government of India/ State Governments, approval from the Ministry of Finance, Government of India for issue of guarantee for an amount exceeding USD 100,000 (USD One hundred thousand) or its equivalent would be required. 17.3 In case of invocation of the guarantee issued for import of services, the Authorised Dealer is required to submit to the Chief General Manager-in-Charge, Foreign Exchange Department, Foreign Investments Division (EPD), Reserve Bank of India, Central Office, Mumbai- 400001 a report on the circumstances leading to the invocation of the guarantee. A.18 Liberalised Remittance Scheme (LRS) of USD 2,50,000 for Resident individuals 18.1 Under the Liberalised Remittance Scheme, (hereinafter referred to as the Scheme) Authorised Dealers may freely allow remittances by resident individuals up to USD 2,50,000 per financial year (April-March) for any permitted current or capital account transactions or a combination of ....
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....ble transactions at the time of private visit abroad, against self-declaration of the remitter in the format prescribed. 18.12 With effect from August 05, 2013, this Scheme, can be used by Resident individuals to set up Joint Ventures (JV)/ Wholly Owned Subsidiaries (WOS) outside India for bonafides business activities within the limit of USD 2,50,000 subject to the terms & conditions stipulated in FEMA Notification No.263. 18.13 Individuals can also open, maintain and hold foreign currency accounts with a bank outside India for making remittances under the Scheme without prior approval the Reserve Bank. The foreign currency accounts may be used for putting through all transactions connected with or arising from remittances eligible under this Scheme. 18.14 Banks should not extend any kind of credit facilities to resident individuals to facilitate capital account remittances under the Scheme. 18.15 The scheme is not available for remittances for any purpose specifically prohibited under Schedule I or any item restricted under Schedule II of Foreign Exchange Management (Current Account Transaction) Rules, 2000. 18.16 The Scheme is not available for capital account remittances t....
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....ps, construction of residential/ commercial premises, roads or bridges. (v) the loan amount should be credited to the NRO a/c of the NRI / PIO. Credit of such loan amount may be treated as an eligible credit to NRO a/c; (vi) the loan amount shall not be remitted outside India; and (vii) repayment of loan shall be made by way of inward remittances through normal banking channels or by debit to the Non-resident Ordinary (NRO) / Non-resident External (NRE) / Foreign Currency Non-resident (FCNR) account of the borrower or out of the sale proceeds of the shares or securities or immovable property against which such loan was granted. A.20 Documentation 20.1 The Reserve Bank will not, generally, prescribe the documents which should be verified by the Authorised Dealers while releasing foreign exchange. In this connection, attention of authorized dealers is drawn to sub-section (5) of Section 10 of the FEMA, 1999 (as indicated in item 3 of Appendix 2) which provides that an authorised person shall require any person desiring to transact in foreign exchange to make such a declaration and to give such information as will reasonably satisfy him that the transaction will not involve and i....
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....hrough internet. 21.5 Resident individuals maintaining foreign currency accounts with an Authorised Dealer in India or a bank abroad, as permissible under extant Foreign Exchange Regulations, are free to obtain ICCs issued by overseas banks and other reputed agencies. The charges incurred against the card either in India or abroad, can be met out of funds held in such foreign currency account/s of the card holder or through remittances, if any, from India only through a bank where the card holder has a current or savings account. The remittance for this purpose should also be made directly to the card issuing agency abroad, and not to a third party. 21.6 The applicable limit will be the credit limit fixed by the card issuing banks. There is no monetary ceiling fixed by the Reserve Bank for remittances, if any, under this facility. 21.7 Use of ICC for payment in foreign exchange in Nepal and Bhutan is not permitted. A.22 International Debit Cards 22.1 Banks authorised to deal in foreign exchange are issuing International Debit Cards (IDCs) which can be used by a resident for drawing cash or making payment to a merchant establishment overseas during his visit abroad. It is clar....
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....nt timeframe. A.25 Acquisition of foreign securities under Employees Stock Option (ESOP) Resident individuals who are either employees or director of an Indian office or branch of a foreign company in which foreign holding is not less than 51 per cent are permitted to acquire foreign securities under ESOP Scheme without any monetary limit. They are also permitted to freely sell the shares provided the proceeds thereof are repatriated to India. A.26 Income- tax clearance Reserve Bank of India will not issue any instructions under the FEMA, regarding the procedure to be followed in respect of deduction of tax at source while allowing remittances to the non-residents. It shall be mandatory on the part of Authorised Dealers to comply with the requirement of the tax laws, as applicable. Annex-1 (Para A. 1.1 of Master Circular) Foreign Exchange Management (Current Account Transactions) Rules, 2000 Notification No. G.S.R.381(E) dated 3rd May 2000 (as amended from time to time) In exercise of the powers conferred by Section 5 and sub-section (1) and clause (a) of sub-section (2) of Section 46 of the Foreign Exchange Management Act, 1999, and in consultation with the Reserve Bank, ....
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....rs Foreign Currency (EEFC) Account is for the purpose specified in items 11 of Schedule II, or item 1(ii), 2(i), 2(ii) & 2(iv) of Schedule III as the case may be. 7. Use of International Credit Card while outside India Nothing contained in Rule 5 shall apply to the use of International Credit Card for making payment by a person towards meeting expenses while such person is on a visit outside India. Schedule I Transactions which are Prohibited (see rule 3) 1. Remittance out of lottery winnings. 2. Remittance of income from racing/riding etc. or any other hobby. 3. Remittance for purchase of lottery tickets, banned /proscribed magazines, football pools, sweepstakes, etc. 4. Payment of commission on exports made towards equity investment in Joint Ventures / Wholly Owned Subsidiaries abroad of Indian companies. 5. Remittance of dividend by any company to which the requirement of dividend balancing is applicable. 6. Payment of commission on exports under Rupee State Credit Route, except commission up to 10% of invoice value of exports of tea and tobacco. 7. Payment related to "Call Back Services" of telephones. 8. Remittance of interest income on funds held in Non-....
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....or specialised training or for meeting expenses for meeting medical expenses, or check-up abroad, or for accompanying as attendant to a patient going abroad for medical treatment/ check-up. (vii) Expenses in connection with medical treatment abroad. (viii) Studies abroad. (ix) Any other current account transaction Provided that for the purposes mentioned at item numbers (iv), (vii) and (viii), the individual may avail of exchange facility for an amount in excess of the limit prescribed under the Liberalised Remittance Scheme as provided in regulation 4 to FEMA Notification 1/2000-RB, dated the 3rd May, 2000 (here in after referred to as the said Liberalised Remittance Scheme) if it is so required by a country of emigration, medical institute offering treatment or the university, respectively: Provided further that if an individual remits any amount under the said Liberalised Remittance Scheme in a financial year, then the applicable limit for such individual would be reduced from USD 250,000 (US Dollars Two Hundred and Fifty Thousand Only) by the amount so remitted: provided also that for a person who is resident but not permanently resident in India and - (a) is a citizen o....
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....tting any amount under the said Liberalised Remittance Scheme. Note: The principal rules were published in Part II, Section 3, Sub-section (i) of Gazette of India, Extraordinary, vide G.S.R. 381(E), dated the 3rd May, 2000. Annex-2 (Para A 2.4 of Master Circular) FORM - A 2 (To be completed by the applicant) FORM A2 (For payments other than imports and remittances covering intermediary trade) Application for Remittance Abroad AD Code No.________________________ Form No.___________________________ (To be filled in by the Authorised Dealer) Serial No. __________________________ (For use of Reserve Bank of India) Currency _______________ Amount _____________ Equivalent to Rs. _____________________________ (To be completed by Authorised Dealer) I/We __________________________________________________________________________ (Name of applicant remitter) authorize _______________________________________________________________________ (Name of AD branch) Savings Bank/ Current/ RFC/ EEFC A/c. No. _______________________ together with their charges and * a) Issue a draft : Beneficiary's Name____________________________________ Address ___________________________....
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....uded elsewhere Financial Account Foreign Direct Investments S0003 Indian Direct investment abroad (in branches & wholly owned subsidiaries) in equity Shares S0004 Indian Direct investment abroad (in subsidiaries and associates) in debt instruments S0005 Indian investment abroad - in real estate S0006 Repatriation of Foreign Direct Investment made by overseas Investors in India - in equity shares S0007 Repatriation of Foreign Direct Investment in made by overseas Investors India - in debt instruments S0008 Repatriation of Foreign Direct Investment made by overseas Investors in India - in real estate Foreign Portfolio Investments S0001 Indian Portfolio investment abroad - in equity shares S0002 Indian Portfolio investment abroad - in debt instruments S0009 Repatriation of Foreign Portfolio Investment made by overseas Investors in India - in equity shares S0010 Repatriation of Foreign Portfolio Investment made by overseas Investors in India - in debt instruments External Commercial Borrowings S0011 Loans extended to Non-Residents S0012 Repayment of long & medium term loans with original maturity above one year received from Non-Residents Short term Loans ....
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....of passenger fare under other modes of transport (Internal Waterways, Roadways, Railways, Pipeline transports and others) S0222 Postal & Courier services by Air S0223 Postal & Courier services by Sea S0224 Postal & Courier services by others 2 Travel S0301 Business travel. S0303 Travel for pilgrimage S0304 Travel for medical treatment S0305 Travel for education (including fees, hostel expenses etc.) S0306 Other travel (including holiday trips and payments for settling international credit cards transactions) 3 Construction Services S0501 Construction of projects abroad by Indian companies including import of goods at project site abroad S0502 Cost of construction etc. of projects executed by foreign companies in India. 4 Insurance and Pension Services S0601 Life Insurance premium except term insurance S0602 Freight insurance - relating to import & export of goods S0603 Other general insurance premium including reinsurance premium; and term life insurance premium S0605 Auxiliary services including commission on insurance S0607 Insurance claim Settlement of non-life insurance; and life insurance (only term insurance) S0....
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....alysis of ores etc. S1020 Commission agent services S1021 Wholesale and retailing trade services. S1022 Operational leasing services (other than financial leasing) without operating crew, including charter hire- Shipping companies S1023 Other Technical Services including scientific/space services. S1099 Other services not included elsewhere 9 Personal Cultural & Recreational services S1101 Audio-visual and related services like Motion picture and video tape production, distribution and projection services. S1103 Radio and television production, distribution and transmission services S1104 Entertainment services S1105 Museums, library and archival services S1106 Recreation and sporting activities services S1107 Education (e.g. fees for correspondence courses abroad ) S1108 Health Service (payment towards services received from hospitals, doctors, nurses, paramedical and similar services etc. rendered remotely or on-site) S1109 Other Personal, Cultural & Recreational services 10 Govt. not included elsewhere (G. n. i.e) S1201 Maintenance of Indian embassies abroad S1202 Remittances by foreign embassies in India 11 Secondar....
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....cation cum Declaration for purchase of foreign exchange under the Liberalised Remittance Scheme of USD 250, 000 (To be completed by the applicant) I. Details of the applicant a. Name ………………………….. b. Address………………………… c. Account No…………………….. d. PAN No…………………………. II. Details of the foreign exchange required 1. Amount (Specify currency)……………………………… 2. Purpose …………………………………………………… III. Sources of funds: …………………………………………. IV. Nature of instrument Draft……………………….. Direct remittance………… Others ....
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....999. Reserve Bank will not prescribe the documents which should be verified by the Authorised Dealers while permitting remittances for various transactions, particularly of current account. In terms of the provisions contained in sub-section 5 of section 10 of the Act, before undertaking any transaction in foreign exchange on behalf of any person, an Authorised Dealer is required to obtain a declaration and such other information from the person (applicant) on whose behalf the transaction is being undertaken that will reasonably satisfy him that the transaction is not designed to contravene or evade the provisions of the Act or any of the Rules or Regulations made or Notifications or directions or orders issued under the Act. Authorised Dealers should preserve the information / documents obtained by them from the applicant before undertaking the transactions for verification by the Reserve Bank. In case the person on whose behalf the transaction is being undertaken refuses or does not give satisfactory compliance of the requirements of an authorised person, he shall refuse in writing to undertake the transactions. Where an authorized person has reasons to believe that a contrave....
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.... all permissible current account transactions. Authorised Dealers may obtain a simple letter from the applicant containing the basic information, viz., names and the addresses of the applicant and the beneficiary, amount to be remitted and the purpose of remittance. 3. Liberalized Remittance Scheme for Resident Individuals The remittance under the Scheme is available to the resident individuals for any permitted current or capital account transactions or a combination of both. Drawal of foreign exchange by resident individuals as per Para 1 of Schedule III to Foreign Exchange Management (Current Account Transactions) Amendment Rules, 2015 dated May 26, 2015 shall be subsumed within the limit of USD 2,50,000 under the Liberalised Remittance Scheme. Under the scheme, resident individuals can acquire and hold immovable property. Individuals can acquire shares or debt instruments or any other assets outside India, without prior approval of the Reserve Bank. They can also open, maintain and hold foreign currency accounts with banks outside India. However remittance from India for margin or margin calls to overseas exchanges/overseas counterparty are not allowed under the scheme. T....
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.... Management Act , 1999 - Foreign Travel October 30, 2000 3. A.P.(DIR Series) Circular No.20 Foreign Exchange Management Act , 1999 Foreign Travel November 16, 2000 4. A.P.(DIR Series) Circular No.11 Release of Foreign Exchange for visits abroad - Currency Component November 13, 2001 5. A.P.(DIR Series) Circular No.12 Release of Foreign Exchange for private visit abroad - Endorsement on Passport November 23, 2001 6. A.P.(DIR Series) Circular No.53 Use of Credit Cards June 27, 2002 7. A.P.(DIR Series) Circular No.16 Release of Foreign Exchange for Small Value Remittances September 12, 2002 8. A.P. (DIR Series) Circular No.17 Liberalisation of Release of Foreign Exchange for Medical Treatment Abroad September 12, 2002 9. A.P. (DIR Series) Circular No.37 Resident Foreign Currency (Domestic) Account - Facility for Resident Individuals November 1, 2002 10. A.P.(DIR Series) Circular No.51 Increase in release of foreign exchange for private visits abroad November 18, 2002 11. A.P. (DIR Series) Circular No.53 Resident Foreign Currency (Domestic) Account - Facility for Resident Individuals November 23, 2002 12. A.P. (DIR Series) Circular No.54 Rem....
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.... No.20 Foreign Exchange Management Act (FEMA), 1999 - Current Account Transactions - Remittance of Hiring Charges of Transponders - Procedural Changes October 25, 2004 30. A.P. (DIR Series) Circular No.38 Liberalised Remittance Scheme of USD 25,000 for Resident Individuals March 31, 2005 31. A.P. (DIR Series) Circular No.46 Use of International Debit Cards/Store Value Cards/Charge Cards/Smart Cards by Resident Indians while on a visit outside India June 14, 2005 32. A.P. (DIR Series) Circular No.25 Authorised Persons- Categorisation March 6, 2006 33. A.P. (DIR Series) Circular No.13 Issue of Bank Guarantee on behalf of service importers November 17, 2006 34. A.P. (DIR Series) Circular No. 14 Foreign Exchange Management Act (FEMA), 1999 - Current Account Transactions - Liberalisation November 28, 2006 35. A.P. (DIR Series) Circular No. 24 Liberalised Remittance Scheme of USD 50,000 for Resident Individuals December 20, 2006 36. A.P. (DIR Series) Circular No. 38 Foreign Exchange Management Act (FEMA), 1999 Current Account Transaction Rules - Amendment April 5, 2007 37. A.P. (DIR Series) Circular No. 58 Foreign Exchange Management (Realisation, Repatri....
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....October 19,2011 53. A.P. (DIR Series) Circular No. 90 Clarification - Liberalised Remittance Scheme for Resident Individuals March 6, 2012 54. A.P. (DIR Series) Circular No. 102 Use of International Debit Cards/Store Value Cards/Charge Cards/Smart Cards by Resident Indians while on a visit outside India April 2, 2012 55. A.P. (DIR Series) Circular No. 118 Release of Foreign Exchange for Miscellaneous Remittances May 7, 2012 56. A.P. (DIR Series) Circular No. 106 Liberalised Remittance Scheme for Resident Individuals - Reporting May 23, 2013 57. A.P. (DIR Series) Circular No.24 Liberalised Remittance Scheme for Resident Individuals- Reduction of limit from USD 200,000 to USD 75,000 August 14, 2013 58. A.P. (DIR Series) Circular No. 32 Liberalized Remittance Scheme - Clarifications September 4, 2013 59. A.P. (DIR Series) Circular No. 138 LRS for resident individuals-Increase in the limit from USD 75,000 to USD 125,000 June 3, 2014 60. A.P.(DIR Series) Circular No. 5 LRS for resident individuals-Increase in the limit from USD 75,000 to USD 125,000 July 17, 2014 61. A.P. (DIR Series) Circular No. 19 Liberalised Remittance Scheme for resident individu....