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Liberalised Remittance Scheme (LRS)
What is the maximum aggregate amount a resident individual can remit abroad under the Liberalised Remittance Scheme (LRS) in a single financial year without seeking prior RBI approval?
A resident individual may remit up to USD 2,50,000 per financial year under LRS without prior RBI approval, covering current account, capital account, or a combination of both purposes.
Are minors eligible to avail the Liberalised Remittance Scheme (LRS)?
Yes, minors are eligible to use LRS.
Does the LRS ceiling of USD 2,50,000 apply separately for each permitted purpose, or is it a single aggregate ceiling for all purposes combined?
The LRS ceiling is a single overall annual aggregate of USD 2,50,000 per financial year, not a separate ceiling per purpose; all permitted current and capital account remittances are counted together within this one limit.
Who must countersign Form A2 when a minor makes a remittance under LRS?
The natural guardian must countersign Form A2.
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