Remittance limits for Resident Indians & NRIs -ExTravelMoney

Remittance Limits for Resident Indians & NRIs

(For limits related to Tax Collected at Source, read TCS on Money Transfer Abroad from India)

Liberalised remittance scheme (LRS) for resident individuals:

Eligibility	Only resident individuals are eligible to make remittance under the liberalised remittance scheme
Limit	USD 250,000 per financial year (i.e. April 1st – March 31st)
Forms/Documents	Outward Remittance Application & - Form A2 cum LRS Declaration PAN Card copy Valid ID Proof - Passport / Aadhar Card / Driving Licence / Voters ID Declaration as applicable based on purpose of remittance Form 15 CA and 15 CB if applicable
Permissible Purposes	These are the purposes available under LRS for permissible current or capital account transactions Gift & Donation Employment Abroad Emigration Education abroad Maintenance of Close Relatives abroad Medical Treatment Abroad Maintenance expenses of Patient/ or accompanying attendant for Medical Treatment/Check-Up Business Travel, attending conferences and specialised training Abroad Private visit abroad Opening of foreign currency account abroad in a bank Purchase of property abroad Making investments abroad - acquisition and holding shares of both listed and unlisted overseas company
Transactions not permissible under LRS	Remittances for any purposes specifically prohibited under Schedule –I of Foreign Exchange Management Act (FEMA) Remittances for any items restricted under Schedule II of Foreign Exchange Management Act (FEMA) Remittances made directly or indirectly to Bhutan, Nepal, Mauritius, or Pakistan Remittances made directly or indirectly to countries identified by Financial Action Task Force (FATF) as “non-cooperative countries and territories” Remittances made directly or indirectly to those individuals and entities identified as posing significant risk of committing acts of terrorism as advised separately by the RBI to the banks Remittances in the nature of margins or margins calls to overseas exchanges/ overseas counterpart

Remittance Schemes & documentation for Resident Indians under LRS

(For knowing about KYC documents required, read KYC Documents for Sending Money Abroad)

1. Sending money as Gift (gift remittance & donation)

Limit

USD 250,000 per financial year

Form/Documents

PAN Card copy
Sender’s Passport / Aadhar Card / Driving Licence / Voters ID
Beneficiary Passport Copy

2. For Employment Abroad

Limit

USD 250,000 per financial year

Form/Documents

Form 15 CA and 15 CB as applicable
PAN card copy
Sender’s Passport

3. For Emigration/Visa fees

Limit

USD 250,000 per financial year

Form/Documents

PAN card copy
Sender’s Passport
Purpose proof - Emigration letter from consulate mentioning amount

4. For Education Abroad

Limit

USD 250,000 per academic year (academic year may vary as per the institution)

Form/Documents

PAN card of sender
Passport Copy of Student
Purpose proof (University Letter/Prospectus)

5. For Maintenance of Close Relatives abroad

Limit

USD 250,000 per financial year

Form/Documents

PAN card of sender
Sender’s Passport / Aadhar Card / Driving Licence/ Voters ID
Beneficiary Passport Copy
Latest Bank Account Statement (If required)

6. For Medical Treatment Abroad

Limit

USD 250,000 per financial year

Form/Documents

PAN card copy
Sender’s Passport
Confirmed Air Ticket showing travel within 60 days
Purpose proof (Letter from Overseas Hospital)
In addition, an amount up to USD 250,000 per financial year is allowed to the person accompanying the patient going abroad for medical treatment/check-up

7. For Maintenance expenses of Patient/ or accompanying attendant for Medical Treatment/Check-Up

Limit

USD 25,000 per Financial Year

Form/Documents

PAN card copy
Sender’s Passport
Confirmed Air Ticket showing travel within 60 days
Passport copy of the patient/attendant with valid visa duly attested

8. Business travel / Conferences / Specialised training abroad

Limit

USD 250,000 per Financial Year

Form/Documents

PAN card copy
Copy of Passport with business/appropriate valid visa, duly attested along with the original
Forex application in Company Letterhead with seal
Documentary evidence of conference/training such as Invitation letter or invoice from overseas
Confirmed Air Ticket showing travel within 60 days

9. Private visit / Leisure trip abroad

Limit

USD 250,000 per Financial Year

Form/Documents

For private visits abroad, other than to Nepal and Bhutan, resident individuals can obtain foreign exchange up to USD 2,50,000 maximum, or its equivalent in any currency from an Authorised Dealer or FFMC, in a financial year, irrespective of the number of visits undertaken during the year.
PAN card copy
Sender’s Passport
Confirmed Air Ticket showing travel within 60 days
Visa (if required)

Remittance Schemes & documentation for Non-Resident Indians (NRI) and Person of Indian Origin (PIO)

1. Remittance from NRE/FCNR account

Limit

No Limit

Form/Documents

Sender’s Passport copy with visa
In case the remittance amount is ₹10 lac and above, a cancelled cheque needs to be submitted. Additionally, 3 month bank statement (till date).

2. Remittance from NRO account

Limit

No Limit; for remittance from current income
USD 1,000,000 per financial year; for remittance sourced from income other than current income

Form/Documents

Form 15 CA and 15 CB as applicable
Passport
Visa/PIO/OCI Card