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Remittance Limits for Resident Indians & NRIs

1) Liberalised remittance scheme for resident individuals:

Eligibility

Only resident individuals are eligible to make remittance under liberalised remittance scheme

Limit

USD 250,000 per financial year (i.e. April – March)

Form/Documents

Outward Remittance Application - A2 Form cum LRS Declaration

If the applicant has not maintained the account for a minimum period of one year then

Copies of bank statement for the previous year or

Copies of latest Income-Tax assessment order or Return filed by the applicant

PAN card copy

Declaration as applicable based on purpose of remittance

Form 15 CA and 15 CB as applicable

Permissible purposes

The liberalized remittance scheme is available for making remittances for permissible current or capital account transactions or a combination of both

Gift

Donation

Investment in overseas company through equity shares of listed companies (or otherwise)

Acquisition of immovable property outside India

Transactions not permissible under the scheme

Remittances for any purposes specifically prohibited under Schedule –I of the above

Remittances for any items restricted under Schedule II of the above

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 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

1) Gift & Donation

Limit

USD 250,000 per financial year (Remittance can be initiated under LRS only)

Form/Documents

Outward Remittance Application & - Form A2 cum LRS Declaration

PAN Card copy

Applicant Passport / Aadhar Card / Driving Licence/ Voters ID

2) Employment Abroad

Limit

USD 250,000 per financial year

Form/Documents

Outward Remittance Application & - Form A2 cum LRS Declaration

Form 15 CA and 15 CB as applicable (For more details kindly contact to ICICI Bank Branch)

Applicant Passport

3) Emigration

Limit

USD 250,000 per financial year

Form/Documents

Outward Remittance Application & - Form A2 cum LRS Declaration

PAN card copy

Applicant Passport

Form 15 CA and 15 CB as applicable (For more details kindly contact to ICICI Bank Branch)

4) Education

Limit

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

Form/Documents

Outward Remittance Application & - Form A2 cum LRS Declaration

PAN card copy

Applicant Passport

5) Maintenance of Close Relatives abroad

Limit

USD 250,000 per financial year per recipient

Form/Documents

Outward Remittance Application & - Form A2 cum LRS Declaration

PAN card copy

Applicant Passport / Aadhar Card / Driving Licence/ Voters ID

6) Medical Treatment Abroad

Limit

USD 250,000 per financial year

Form/Documents

Outward Remittance Application & - Form A2 cum LRS Declaration

PAN card copy

Applicant Passport

Confirmed Air Ticket showing travel within 60days

Remittance in excess of USD 100,000 is allowed without any monetary limit subject to estimate from doctor in India or a doctor/hospital abroad. Reserve Bank approval is required to release exchange exceeding the estimate from the doctor in India or doctor/hospital abroad

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

Limit

USD 25,000 per visit

Form/Documents

Outward Remittance Application & - Form A2 cum LRS Declaration

PAN card copy

Applicant Passport

Confirmed Air Ticket showing travel within 60days

Copy of Passport of the attendant, with valid visa, duly attested by us with the original

8) Business Travel, attending conferences and specialised training Abroad

Limit

USD 250,000 per visit (USD 250,000 per Financial Year)

Form/Documents

Outward Remittance Application & - Form A2 cum LRS Declaration

PAN card copy

Applicants Passport

Forex Application in Company Letterhead with seal

Documentary evidence of conference/training

Copy of Passport with business/appropriate valid visa, duly attested by us with the original

9) Business Travel, attending confrences and specialised training Abroad

Confirmed Air Ticket showing travel within 60days

10) Private Visit to abroad

Limit

USD 10,000 per financial year

Form/Documents

Form A2 cum LRS Declaration and PAN card copy

Applicant Passport

Confirmed Air Ticket showing travel within 60days

Visa (if required)

Remittance Schemes & documentation for Non-Resident Indians

1) Remittance from NRE/FCNR account

Limit

No Limit

Form/Documents

Outward Remittance Application & - Form A2 cum LRS Declaration

In case the remittance amount is ₹ 10 lac and above, a cancelled cheque need to be submitted additionally

2) Remittance from NRO account

Limit

No limit; for remittance sourced from current income

USD 1 Million per financial year; for remittance sourced from income other than current income

Form/Documents

Retail Outward Remittance Application

Form 15 CA and 15 CB as applicable

Cancelled cheque for remittance requests ₹ 10 lac and above

Self-attested copy of passport

FD closure request signed by all deposit holders (Incase of premature closure of Fixed Deposit & repatriation requests)