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Outward Remittances
Which primary legislative instrument governs outward remittances from India under the chapter's framework?
FEMA, 1999 is the primary statute governing outward remittances, with the Current Account Transactions Rules, 2000 and RBI directions serving as subordinate instruments.
Which act primarily governs outward remittances from India to persons or places outside India?
FEMA, 1999 is the primary governing statute.
What is the maximum amount a resident individual can remit under the Liberalised Remittance Scheme (LRS) in a single financial year?
The LRS ceiling is USD 2,50,000 per financial year (April–March), as fixed by the RBI and confirmed in its FAQ.
What is the currency note cash limit for travellers going to countries other than Iraq, Libya, Iran, Russia and CIS?
Up to USD 3,000 in foreign currency notes.
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