Remittance Limits for Resident Indians & NRIs
1) Liberalised remittance scheme for resident individuals:
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Eligibility
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Only resident individuals are eligible to make remittance under liberalised remittance scheme
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Limit
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USD 250,000 per financial year (i.e. April – March)
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Form/Documents
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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
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Permissible purposes
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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
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Transactions not permissible under the scheme
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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
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Remittance Schemes & documentation for Resident Indians
1) Gift & Donation
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Limit
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USD 250,000 per financial year (Remittance can be initiated under LRS only)
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Form/Documents
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Outward Remittance Application & - Form A2 cum LRS Declaration
PAN Card copy
Applicant Passport / Aadhar Card / Driving Licence/ Voters ID
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2) Employment Abroad
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Limit
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USD 250,000 per financial year
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Form/Documents
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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
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3) Emigration
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Limit
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USD 250,000 per financial year
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Form/Documents
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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)
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4) Education
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Limit
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USD 250,000 per academic year (academic year may vary as per the institution)
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Form/Documents
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Outward Remittance Application & - Form A2 cum LRS Declaration
PAN card copy
Applicant Passport
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5) Maintenance of Close Relatives abroad
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Limit
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USD 250,000 per financial year per recipient
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Form/Documents
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Outward Remittance Application & - Form A2 cum LRS Declaration
PAN card copy
Applicant Passport / Aadhar Card / Driving Licence/ Voters ID
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6) Medical Treatment Abroad
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Limit
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USD 250,000 per financial year
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Form/Documents
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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
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7) Maintenance expenses of Patient/ or accompanying attendant for Medical Treatment/Check-Up
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Limit
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USD 25,000 per visit
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Form/Documents
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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
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8) Business Travel, attending conferences and specialised training Abroad
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Limit
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USD 250,000 per visit (USD 250,000 per Financial Year)
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Form/Documents
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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
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9) Business Travel, attending confrences and specialised training Abroad
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Confirmed Air Ticket showing travel within 60days
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10) Private Visit to abroad
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Limit
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USD 10,000 per financial year
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Form/Documents
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Form A2 cum LRS Declaration and PAN card copy
Applicant Passport
Confirmed Air Ticket showing travel within 60days
Visa (if required)
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Remittance Schemes & documentation for Non-Resident Indians
1) Remittance from NRE/FCNR account
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Limit
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No Limit
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Form/Documents
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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
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2) Remittance from NRO account
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Limit
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No limit; for remittance sourced from current income
USD 1 Million per financial year; for remittance sourced from income other than current income
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Form/Documents
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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)
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