Explain and justify the following cases of 'Resident Individuals' under Foreign Exchange and Management Act, 1999 : (i) Tushar Mehta wishes to remit a sum of USD 50,000 as gift to his daughter in France. Whether he can d

CS Executive · Economic, Commercial and Intellectual Property Laws · PYQS · December 2024
Explain and justify the following cases of 'Resident Individuals' under Foreign Exchange and Management Act, 1999 : (i) Tushar Mehta wishes to remit a sum of USD 50,000 as gift to his daughter in France. Whether he can do so?

Answer & Explanation:

Under Liberalised Remittance Scheme, any resident individual may remit up-to USD 2,50,000 in one financial year as gift to a person residing outside India or as donation to an organization outside India. In light of the above, Tushar Mehta can remit a sum of USD 50,000 as gift to his daughter in France.

Topics: Foreign Exchange Management Act (FEMA)

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