TaxTMI 
TaxTMI 
Master Circular on Miscellaneous Remittances from India –Facilities for Residents
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....ns and the Authorised Dealer Category - I banks may refer 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 : ....
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.... of the Reserve Bank, under whose jurisdiction the applicant is functioning / residing. 1.2 "Drawal" of foreign exchange also includes use of International Credit Cards (ICC), International Debit Cards (IDC), ATM cards, etc. "Currency", interalia, includes ICC, IDC and ATM Cards. Accordingly, all Rules, Regulations made and Directions issued 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 p....
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....D 3000 or its equivalent. (ii) Travellers proceeding to Iraq or Libya - not exceeding USD 5000 or its equivalent. (iii) Travellers proceeding to Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States - full exchange may be released. (iv) Travellers proceeding for Haj/Umrah pilgrimage- full amount of BTQ entitlement in cash or up to the cash limit as specified by the Haj Committee of India, may be released. 2.4 A resident Indian is allowed to take INR of denomination of Rs. 100 or lesser denomination, to Nepal and Bhutan, without any limits. For denominations of Rs. 500 and Rs. 1,000, the limit is Rs. 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 ....
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....inancial year, then the applicable limit for such individual would be reduced from USD 250,000 by the amount so remitted. 5.2 General permission is available to persons other than individuals' to remit towards donations up-to one per cent of their foreign exchange earnings during the previous three financial years or USD 5,000,000, whichever is less, for (a) creation of Chairs in reputed educational institutes, (b) contribution to funds (not being an investment fund) promoted by educational 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 R....
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....sles and any loss of time, Authorised Dealers may release foreign exchange up to an amount of USD 2,50,000 or its equivalent, on the basis of self-declaration in Form A2 and 'Application cum declaration for purchase of foreign exchange under LRS of USD 250,000' without insisting on any estimate from a hospital/doctor. 10.2 For amount exceeding the above limit, estimate from the doctor in India or hospital/ doctor abroad, is required to be submitted to the Authorised Dealers. 10.3 A person who has fallen sick after 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 250,0....
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....shall remain unchanged. (cf. Notification No. FEMA 9/2000-RB dated May 3, 2000, as amended from time to time). A.14 Unspent Foreign Exchange 14.1 As stated above, unspent foreign exchange brought back to India by a resident individual should be surrendered to an Authorised Person within 180 days from the date of return of the traveller. 14.2 However, a returning traveller is permitted to retain with him, foreign currency; travellers cheques and currency notes up to an aggregate amount of USD 2000 and foreign coins without any ceiling beyond 180 days. (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;....
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.... for travel from India, provided the Authorised Dealer is satisfied that the remittance is being made out of the foreign exchange purchased by the traveller concerned from an Authorised Person (including exchange drawn for private travel abroad) in accordance with the Rules, Regulations and Directions in force. 15.3 Authorised Dealer may open foreign currency accounts in the name of agents in India who have tie up arrangements with hotels/ agents, etc., abroad for providing hotel accommodation or making other tour arrangements for travellers from India provided:- a) the credits 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 ca....
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....nt/ Undertaking of the Government of India/ State Governments) for import of services, it has been decided to increase the limit for issue of guarantee by AD Category-I Banks from USD 100,000 to USD 500,000. Accordingly, AD Category-I banks are now permitted to issue guarantee for amount not exceeding USD 500,000 or its equivalent in favour of a non-resident service provider, on behalf of a resident customer who is a service importer, provided: (a) The AD Category-I bank is satisfied about the bonafides of the transaction. (b) The AD Category-I bank ensures submission of documentary evidence for 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 ....
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....ication shares. 18.9 A resident individual can invest in units of Mutual Funds, Venture Capital Funds, unrated debt securities, promissory notes, etc. under this Scheme. Further, the resident can invest in such securities out of the bank account opened abroad under the Scheme (see 12.13). 18.10 An individual who has availed of a loan abroad while as a non-resident can repay the same on return to India under the Scheme as a resident. 18.11 The Scheme can be used for outward remittance in the form of a DD either in the resident individual's own name or in the name of beneficiary with whom he intends putting through the permissible 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 remittance....
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....during the financial year; (iii) the loan shall be utilized for meeting the borrower's personal requirements or for his own business purposes in India. (iv) the loan shall not be utilized, either singly or in association with other person for any of the activities in which investment by persons resident outside India is prohibited, namely: a. The business of chit fund, or b. Nidhi Company, or c. Agricultural or plantation activities or in real estate business, or construction of farm houses, or d. Trading in Transferable Development Rights (TDRs). Explanation: For the purpose of item (c) above, real estate business shall not include development of townships, 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....
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....ents for making payment towards expenses, while on a visit outside India. 21.2 Residents can use ICCs on internet for any purpose for which exchange can be purchased from an Authorised Dealer in India, e.g. for import of books, purchase of downloadable software or import of any other item permissible under Foreign Trade Policy (FTP). 21.3 ICCs cannot be used on internet or otherwise for purchase of prohibited items, like lottery tickets, banned or proscribed magazines, participation in sweepstakes, payment for call-back services, etc., since no drawal of foreign exchange is permitted for such items/activities. 21.4 There is no aggregate monetary ceiling separately prescribed for use of ICCs through 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 wher....
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....outstanding in the cards immediately upon request by the resident Indians to whom the cards are issued subject to retention of: - a) The amounts that are authorized and remain unclaimed/ not settled by the acquirers as of the date of redemption till the completion of the respective settlement cycle; b) A small balance not exceeding US$ 100, for meeting any pipeline transactions till the completion of the respective settlement cycle; and c) Transaction fees / service tax payable in India in Rupees. 24.2 For the amount that are authorized but unclaimed/ not settled by the acquirer, the issuer of such cards can hold such amounts until such transactions are processed/ settled by the acquirers within the prescribed settlement 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.2....
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....overnment of India; Provided that this Rule shall not apply where the payment is made out of funds held in Resident Foreign Currency (RFC) Account of the remitter. 5. Prior approval of Reserve Bank Every drawal of foreign exchange for transactions included in Schedule III shall be governed as provided therein. Provided that this Rule shall not apply where the payment is made out of funds held in Resident Foreign Currency (RFC) Account of the remitter. 6. (1) Nothing contained in Rule 4 or Rule 5 shall apply to drawal made out of funds held in Exchange Earners' Foreign Currency (EEFC) account of the remitter. (2) Notwithstanding anything contained in sub-rule (1), restrictions imposed under rule 4 or rule 5 shall continue to apply where the drawal of foreign exchange from the Exchange Earners 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 ....
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....onal / State Level sports bodies, if the amount involved exceeds USD 100,000. Ministry of Human Resources Development (Department of Youth Affairs and Sports) 10. Omitted 11. Remittance for membership of P&I Club Ministry of Finance (Insurance Division) SCHEDULE III (See rule 5) Notified by GOI Notification No. G.S.R 426(E) dated May 26, 2015 Facilities for individuals- 1. Individuals can avail of foreign exchange facility for the following purposes within the limit of USD 2,50,000 only. Any additional remittance in excess of the said limit for the following purposes shall require prior approval of the Reserve Bank of India. (i) Private visits to any country (except Nepal and Bhutan). (ii) Gift or donation. (iii) Going abroad for employment. (iv) Emigration. (v) Maintenance of close relatives abroad. (vi) Travel for business, or attending a conference 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 oth....
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.... (ii) Commission, per transaction, to agents abroad for sale of residential flats or commercial plots in India exceeding USD 25,000 or five percent of the inward remittance whichever is more. (iii) Remittances exceeding USD 10,000,000 per project for any consultancy services in respect of infrastructure projects and USD 1,000,000 per project, for other consultancy services procured from outside India. Explanation:-For the purposes of this sub-paragraph, the expression "infrastructure' shall mean as defined in explanation to para 1(iv)(A)(a) of Schedule I of FEMA Notification 3/2000-RB, dated the May 3, 2000. (iv) Remittances exceeding five per cent of investment brought into India or USD 100,000 whichever is higher, by an entity in India by way of reimbursement of pre-incorporation expenses." 3.Procedure The procedure for drawal or remit of any foreign exchange under this schedule shall be the same as applicable for remitting 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....
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....rve Bank of India for the said purpose. * (2) Foreign exchange purchased from you is for the purpose indicated above. * (Strike out whichever is not applicable ) Signature Name ______________________ Date : Annex to Form A 2 Purpose Codes for Reporting under FETERS A. Payment Purposes (for use in BOP file) Gr. No. Purpose Group Name Purpose Code Description 0 Capital Account S0017 Acquisition of non-produced non-financial assets (Purchase of intangible assets like patents, copyrights, trademarks etc., land acquired by government, use of natural resources) - Government S0019 Acquisition of non-produced non-financial assets (Purchase of intangible assets like patents, copyrights, trademarks etc., use of natural resources) - Non-Government S0026 Capital transfers ( Guarantees payments, Investment Grand given by the government/international organisation, exceptionally large Non-life insurance claims) - Government S0027 Capital transfers ( Guarantees payments, Investment Grand given by the Non-government, exceptionally ....
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....cheme (LRS) for Individuals External Assistance S0024 External Assistance extended by India. e.g. Loans and advances extended by India to Foreign governments under various agreements S0025 Repayments made on account of External Assistance received by India. 1 Transport S0201 Payments for surplus freight/passenger fare by foreign shipping companies operating in India S0202 Payment for operating expenses of Indian shipping companies operating abroad S0203 Freight on imports - Shipping companies S0204 Freight on exports - Shipping companies S0205 Operational leasing/Rental of Vessels (with crew) -Shipping companies S0206 Booking of passages abroad - Shipping companies S0207 Payments for surplu....
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....vices 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) S0608 Life Insurance Claim Settlements S0609 Standardised guarantee services S0610 Premium for pension funds S0611 Periodic pension entitlements e.g. monthly quarterly or yearly payments of pension amounts by Indian Pension Fund Companies. S0612 Invoking of standardised guarantees 5 Financial Services S0701 Financial intermediation, except investment banking - Bank charges, collection charges, LC charges etc. S0702 Investment banking - brokerage, under writing commission etc. S0703 Auxiliary services - charges on operation & regulatory fees, custodial services, depository services etc. 6 ....
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....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 Secondary Income S1301 Remittance for family main....
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....nance and repair services rendered for aircrafts, space shuttles, rockets, military aircrafts, helicopters, etc. 15 Manufacturing Services (goods for processing) S1701 Payments for processing of goods Annex - 3 (Para 12.18 of Master Circular) Application 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 V. Details of the Beneficiary 1. Name .......................... 2. Address ........................ 3. Country ........................ 4*. Name and address of the ban....
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....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 contravention or evasion of the Act or the Rules or Regulations made or Notifications issued there under was contemplated in the transaction that he has refused to undertake, he shall report the matter to the Reserve Bank. With a view to maintaining uniform practices, Authorized Dealers may consider requirements or documents to be obtained by their branches to ensure compliance with provisions of sub-section (5) of section 10 of the Act. In terms of the Rule 3 of the Foreign Exchang....
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....r 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. The individual will have to designate a branch of an AD through which all the remittances under the scheme will be made. It is mandatory to have PAN number to make remittances under the Scheme. While allowing the facility to resident individuals, Authorised Dealers are required to ensure that "Know Your Customer" guidelines have been implemented in respect of bank accounts. They should also comply with the Anti-Money Laundering Rules in force while....
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....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 Remittance of Foreign Exchange for Miscellaneous purposes November 25, 2002 13. A.P. (DIR Series) Circular No.56 Income Tax Clearance Certificate/No Objection Certificate from Income T....
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....curities by Resident Individuals under ESOP Scheme May 3, 2004 29. A.P. (DIR Series) Circular 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 ....
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....ls to NRI close relatives September 16, 2011 51. A.P. (DIR Series) Circular No. 32 Liberalised Remittance Scheme for Resident Individuals- Revised Application cum Declaration form October 10, 2011 52. A.P. (DIR Series) Circular No. 37 (i) Repatriation of income and sale proceeds of assets held abroad by NRIs who have returned to India for permanent settlement (ii) repatriation of income and sale proceeds of assets acquired abroad through remittances under Liberalised Remittance Scheme - Clarification 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 ....