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Lrs And Other Remittance Facilities For Residents
What is the current annual limit under the Liberalised Remittance Scheme (LRS) for resident individuals?
The current LRS limit is USD 250,000 per financial year per resident individual, applicable for permissible current and capital account transactions.
What is the minimum age requirement for a resident individual to remit funds under LRS?
No minimum age; minors can remit through natural guardians.
Who is eligible to remit funds under the Liberalised Remittance Scheme?
All resident individuals, including minors, are eligible under LRS; for minors, the natural guardian must countersign the application on their behalf.
Under which FEMA schedule are current account remittances by individuals governed?
Schedule II of FEMA (Current Account Transactions) Rules, 2000.
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