TaxTMI 
TaxTMI 
Violation of LRS Limit
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....iolation of LRS Limit<br> Query (Issue) Started By: - Jameskutty Antony Dated:- 10-6-2022 Last Reply Date:- 22-6-2022 FEMA<br>Got 1 Reply<br>FEMA<br>In FEMA, if one person inadvertently sent USD 1,00,....
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....000/- under LRS where the LRS limit for that years was USD 75,000/-, can the department say entire USD 1 lac is violation? My logic is there is violation only to the extent of USD 25,000/-. Is there a....
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....ny decided cases in this aspect? Reply By YAGAY andSUN: The Reply: In legal matters logic does not work but interpretation does. The Liberalised Remittance Scheme (LRS) lays down the guidelines for....
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.... outward remittances from India. It is part of the Foreign Exchange Management Act (FEMA) 1999 by the Reserve Bank of India (RBI). Under the LRS, the upper limit of remittance is $2,50,000 per finan....
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....cial year. You can send money abroad for genuine reasons like your child's education or to fund personal expenses. You cannot remit funds abroad for buying lotteries or banned magazines, amongst....
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.... others. LRS applies to all resident individuals in India.<br> Discussion Forum - Knowledge Sharing ....