Outward Remittances
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One-liners from this chapter
Free sample — 8 of 66 rapid-fire Q&A cards.
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.
Under which scheme can a resident individual remit foreign exchange for permitted current account transactions without prior RBI approval up to the prescribed limit?
The Liberalised Remittance Scheme (LRS) allows resident individuals to remit foreign exchange for permitted current account and capital account transactions up to USD 2,50,000 per financial year without prior RBI approval.
What is the maximum cash limit in foreign currency notes for travellers visiting Iraq or Libya?
Up to USD 5,000 in currency notes or coins.
What does the term 'outward remittance' mean in the context of this chapter?
Outward remittance refers to the sending of money or foreign exchange from India to a person, institution, or place outside India.
For travellers to Iran, Russian Federation or other CIS countries, what is the foreign currency notes limit?
Full exchange may be released in currency notes.
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