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CORE MEANING, REMITTANCES TO NON-RESIDENTS AND TAX DEDUCTION, . REPATRIATION OF INCOME AND SALE PROCEEDS OF ASSETS, RETENTION AND REINVESTMENT OF INCOME EARNED ABROAD
What is the Liberalised Remittance Scheme (LRS) and who is eligible to use it?
LRS is a facility under FEMA that allows resident individuals (including minors) to remit up to USD 2,50,000 per financial year for permitted current and capital account transactions. It is not available to corporates, partnership firms, HUFs, or trusts.
What does the term 'remittance' mean in the context of foreign exchange regulations?
Transfer of money from one country to another country.
What is the annual remittance limit under the Liberalised Remittance Scheme (LRS)?
Resident individuals can remit up to USD 2,50,000 per financial year (April–March) under LRS without prior RBI approval. This limit is cumulative across all permitted purposes.
What is the meaning of 'Non-Resident' under FEMA for remittance purposes?
A person not residing in India as per FEMA definition.
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