How Much Money Can You Remit Out of India Under RBI's Liberalised Remittance Scheme?
Learn about the RBI's $250,000 annual limit on money remittance from India under the Liberalised Remittance Scheme and its key usage guidelines.
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Individuals in India can remit up to $250,000 per financial year under the Liberalised Remittance Scheme (LRS) of the Reserve Bank of India. This limit applies to a wide range of permissible capital and current account transactions, including overseas education, travel, medical treatment, and investments. It's crucial to adhere to the RBI guidelines and ensure that the funds are not being sent to countries identified as 'Non-Cooperative Countries and Territories' by the Financial Action Task Force (FATF).
FAQs & Answers
- What is the maximum amount an individual can remit abroad from India? Individuals can remit up to $250,000 per financial year under India's Liberalised Remittance Scheme, as regulated by the Reserve Bank of India.
- What purposes are allowed for remittance under the LRS? Permissible purposes include overseas education, travel, medical treatment, and investment in foreign assets, among others.
- Are there any restrictions on the countries to which money can be sent from India? Yes, funds cannot be sent to countries identified as 'Non-Cooperative Countries and Territories' by the Financial Action Task Force (FATF).