RBI/2007-08/ 146

A. P. (DIR Series) Circular No.9     

Dated: September 26, 2007

Liberalised Remittance Scheme for Resident Individuals- Enhancement of limit from USD 100,000 to USD 200,000

1. Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to A. P. (DIR Series) Circular No. 51 dated May 8, 2007 on the Liberalised Remittance Scheme for Resident Individuals (the Scheme).

2. With a view to further liberalize the Scheme it has been decided, in consultation with the Government of India, to enhance the existing limit of USD 100,000 per financial year to USD 200,000 per financial year (April – March) with immediate effect. Accordingly, AD Category – I banks may now allow remittance up to USD 200,000, per financial year, under the Scheme, for any permitted current or capital account transaction or a combination of both.

3. All other terms and conditions mentioned in A. P. (DIR Series) Circular No. 64 dated February 4, 2004 , A. P. (DIR Series) Circular No. 24 dated December 20, 2006 and A. P. (DIR Series) Circular No. 51 dated May 8, 2007 shall remain unchanged.

4. Necessary amendments to Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000 (Notification No. FEMA 1/2000-RB dated 3rd May 2000) are being notified separately.

5. AD – Category I banks may bring the contents of this circular to the notice of their constituents and customers concerned.

6. The directions contained in this Circular have been issued under Section 10 (4) and 11 (1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and is without prejudice to permissions / approvals, if any, required under any other law.

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0 responses to “Liberalised Remittance Scheme for Resident Individuals- Enhancement of limit from USD 100,000 to USD 200,000”

  1. Tanay Choksi says:

    Yes Mr. Talreja you would have to submit both Form 15CA & 15CB.
    Regards,
    Tanay Choksi

  2. RAVI TALREJA says:

    I have to remit USD 20,000.00 as a gift to my son who is residing in U.S. Do I have to submit form 15CA & 15CB to the bank for making the remittance?

    Please reply.

  3. Asha says:

    Under this act, can money be sent by residents in India to their family in the US for personal reasons? The reason I am confused is that it mentions that the money is to be used for current/capital purposes and not personal reasons. Can you please clarify?

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