Name any five permissible current account transactions made by an individual under Liberalized Remittance Scheme (LRS).
CS Executive · Economic, Business and Commercial Laws · PYQS · December 2020
Name any five permissible current account transactions made by an individual under Liberalized Remittance Scheme (LRS).
Answer & Explanation:
Following are the permissible current account transactions made by an individual under Liberalised Remittance Scheme (LRS): For Private visits to any country (except Nepal and Bhutan), resident individual can obtain foreign exchange upto an aggregate amount of USD 2,50,000. Any resident individual may remit upto USD 2,50,000 as gift or donation to a person residing outside India or organisation outside India, as the case may be. A person going abroad for employment can draw foreign exchange upto USD 2,50,000. For the purpose of emigration, a person can draw foreign exchange upto USD 2,50,000. A resident individual can remit upto USD 2,50,000 towards maintenance of close relatives abroad. Drawal of amount upto USD 2,50,000 for travel for business, or attending an international conference, seminar or specialised training or apprentice training etc. Expenses in connection with medical treatment abroad (Foreign Exchange upto USD 2,50,000 without insisting on any estimate from hospital doctor and remittance exceeding USD 2,50,000 based on estimate received from hospital/doctor). Studies abroad (Foreign Exchange upto USD 2,50,000 without insisting on any estimate from foreign university and remittance exceeding USD 2,50,000 based on estimate received from the institution abroad).
Topics: Foreign Exchange Management Act (FEMA)
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