MAINTENANCE OF CLOSE RELATIVES ABROAD, MEDICAL TREATMENT ABROAD I, STUDIES ABROAD, OTHER MISCELLANEOUS PROVISIONS, DOCUMENTATION REQUIREMENTS,
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Foreign Exchange Facilities for Individuals — Foreign Exchange Facilities for Individuals.
One-liners from this chapter
Free sample — 8 of 66 rapid-fire Q&A cards.
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
Can a resident individual remit funds to maintain a relative who is a Non-Resident Indian (NRI)?
Yes, a resident individual can remit funds under LRS to maintain close relatives abroad, including NRIs, within the annual ceiling of USD 2,50,000.
What self-declaration is required from a resident individual remitting funds for maintenance of close relatives abroad?
Declaration that the remittance is for bonafide maintenance of close relative abroad
What is the maximum amount a resident individual can remit for medical treatment abroad without requiring an estimate from a hospital or doctor?
A resident individual can remit up to USD 2,50,000 per financial year under LRS for medical treatment abroad without needing a cost estimate, though amounts beyond this require RBI approval.
Can a resident individual remit money for medical treatment abroad directly to a foreign hospital without a doctor's estimate for amounts up to USD 2,50,000?
Yes, without requiring a hospital or doctor's estimate up to USD 2,50,000
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