Explain and justify the following cases of 'Resident Individuals' under Foreign Exchange and Management Act, 1999 : (v) Parents of General Manager Sushant Agarwal from Delhi, is residing in Germany. He seeks your consult

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 : (v) Parents of General Manager Sushant Agarwal from Delhi, is residing in Germany. He seeks your consultancy in sending a sum of USD 2,02,500 to his parents for their maintenance ?

Answer & Explanation:

Under Liberalised Remittance Scheme, resident Individual can remit up-to USD 2,50,000 per financial year towards maintenance of relatives. 'Relative' as defined U/s 2 (77) of the Companies Act, 2013 abroad. In view of the above, Sushant Agarwal can easily send a sum of USD 2,02,500 to his parents for their maintenance in Germany in one FY (April-March).

Topics: Foreign Exchange Management Act (FEMA)

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