How Much Money Can an Indian Send Abroad Under the Liberalized Remittance Scheme?

Learn the RBI's guidelines on how much money Indians can send abroad annually under the Liberalized Remittance Scheme (LRS).

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Indians can send up to $250,000 per financial year abroad under the Liberalized Remittance Scheme (LRS) set by the Reserve Bank of India. This includes expenses for travel, education, medical treatment, or maintenance of close relatives. It's essential to comply with legal requirements and documentation for such transfers. For any amounts beyond this limit, specific approval from the Reserve Bank of India would be required.

FAQs & Answers

  1. What is the maximum amount Indians can send abroad annually under the LRS? Indians can send up to $250,000 per financial year abroad under the Liberalized Remittance Scheme set by the Reserve Bank of India.
  2. What expenses are covered under the Liberalized Remittance Scheme? The LRS covers expenses like travel, education, medical treatment, and maintenance of close relatives abroad.
  3. Do I need approval to send more than $250,000 abroad from India? Yes, any amount exceeding $250,000 per financial year requires specific approval from the Reserve Bank of India.
  4. What documentation is required for sending money abroad under the LRS? It is essential to comply with legal requirements and submit necessary documentation as prescribed by the Reserve Bank of India for remittances under the LRS.

Watch More

For more insights on international money transfers, including the detailed regulatory framework and tips for compliance, check out our videos on RBI remittance policies and how to send money abroad safely.

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