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Remittances from India - Facilities for Residents

Remittances from India - Facilities for Residents. I. Cultural Tours  Approval of HRD Ministry required. II. Medical Treatment Up to USD 100,000/-  against self declaration Above USD 100,000/-  estimate by a doctor in India or Abroad

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Remittances from India - Facilities for Residents

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  1. Remittances from India - Facilities for Residents Ashit Hegde

  2. I. Cultural Tours  Approval of HRD Ministry required. II. Medical Treatment Up to USD 100,000/-  against self declaration Above USD 100,000/-  estimate by a doctor in India or Abroad III. Private Visits  USD 10,000/- per F.Y. IV. Going abroad for employment  USD 100,000/- Ashit Hegde

  3. V. Emigration - USD 100,000/- or amt. specified by country of emigration VI. Maintenance of close relatives abroad - USD 100,000/- per year per recipient. VII. Education Abroad - USD 100,000/- per academic year or estimated amount. VIII. Business Travel - USD25000/- per trip Ashit Hegde

  4. Note: • Form A 2 has to be submitted for all the above remittances. • Resident Indians and Non residents may take outside India and bring inside India Rupee currency notes up to Rs 25,000/- 3. Amounts exceeding limits indicated above may be released with RBI approval. Ashit Hegde

  5. Liberalised Remittance System (LRS) for resident individuals Resident individuals are permitted to remit up to USD 125,000/- per F.Y. (increased from USD 75,000/- w.e.f June 3rd, 2014). Purchase of immovable property abroad not permitted. The amount can be used for any permitted current or capital a/c transaction. Ashit Hegde

  6. E.g. • Investing in shares and debentures. 2. FCY a/cs can be maintained abroad. • Gifts and donations. 4. For lending to close relative NRI (funds not to be remitted abroad). Ashit Hegde

  7. Loans by Resident Individuals to NRIs and PIOs Resident individuals can lend to close relative NRIs/PIOs by way of crossed cheques/electronic transfers. Conditions - • Loans should be interest free and minimum maturity should be one year. • The loan amount is within the overall limit of USD 125,000/- permitted under Liberalised Remittance Scheme (LRS). • Amount should be credited to NRO account and to be utilized in India. • Repayment to be made out of NRE or NRO account. Gifts - Gifts by residents to NRIs/PIOs permitted up to USD 125,000/- under LRS. Ashit Hegde

  8. Loans by NRIs and PIOs to Resident Individuals Resident Indians can borrow from close relative NRIs/PIOs. Conditions - • Loan should be interest free. • Minimum maturity - One year • Maximum amount - USD 250,000/- • Funds should come by way of FOREX from abroad or by debit to NRE/FCNR (B) account of NRI. Ashit Hegde

  9. NRI Investments in India in Portfolio Investment Scheme – Shares and Debentures 1. NRI should make an application to designated bank. 2. Should deal with only one bank. 3. Bank will issue two separate letters of permission for repatriation and non-repatriation basis. 4. Two separate NRE (for repatriation) and NRO (non repatriation) a/cs will be opened. Ashit Hegde

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