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MAINTENANCE OF CLOSE RELATIVES ABROAD, MEDICAL TREATMENT ABROAD I, STUDIES ABROAD, OTHER MISCELLANEOUS PROVISIONS, DOCUMENTATION REQUIREMENTS,
What is the annual limit for remittance by a resident individual for maintenance of close relatives abroad under the Liberalised Remittance Scheme?
The remittance for maintenance of close relatives abroad is subsumed within the overall LRS limit of USD 2,50,000 per financial year per individual.
What is the maximum amount a resident individual can remit annually for maintenance of close relatives abroad under LRS?
USD 2,50,000 per financial year under LRS
Who qualifies as a 'close relative' for the purpose of maintenance remittances under FEMA regulations?
Close relatives include spouse, children (including step-children and adopted children), parents, siblings, and other family members as defined under the Companies Act, 2013 for the purpose of FEMA remittance rules.
Under FEMA, which schedule governs remittances for maintenance of close relatives abroad by resident individuals?
Schedule III of Foreign Exchange Management (Current Account Transactions) Rules, 2000
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