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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

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