Explain and justify the following cases of 'Resident Individuals' under Foreign Exchange and Management Act, 1999 : (iv) Sandeep Sharma VP in a Domestic Indian company is going to visit the company plant location in New

Under Liberalised Remittance Scheme, Visits by Individuals in connection with attending of International Conference, seminar, specialized apprentice training etc. are treated as business visits. For business trip to foreign countries, Individuals can avail of foreign exchange up to USD 2,50,000 in one financial year irrespective of the visits undertaken during the year. In view of the above, Sandeep can acquire USD 250000 only.