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FOREX REMITTANCE FACILITIES FOR INDIVIDUALS
What is the full form of FEMA as applicable to forex remittances in India?
FEMA stands for Foreign Exchange Management Act, 1999, which governs all foreign exchange transactions including remittances by individuals in India.
What is the maximum amount of foreign currency notes an individual can bring into India without declaration?
USD 5,000 or equivalent in foreign currency notes.
What is the Liberalised Remittance Scheme (LRS) and who introduced it?
LRS is a scheme introduced by the Reserve Bank of India (RBI) that allows resident individuals to remit up to a specified limit abroad each financial year for permitted current and capital account transactions.
What form must be filled for declaration of foreign exchange brought into India exceeding the prescribed limit?
Currency Declaration Form (CDF) at the port of entry.
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