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TMI BlogLiberalised Remittance Scheme of USD 25,000 for Resident IndividualsX X X X Extracts X X X X X X X X Extracts X X X X ..... SD 25,000 per calendar year for any purpose for which a Scheme has been formulated as detailed below: 2. Eligibility All resident individuals are eligible to avail of the facility under the scheme. The facility will not be available to corporates, partnership firms, HUF, Trusts, etc. 3. Purpose 3.1 This facility is available for making remittance up to USD 25,000 per calendar year for any current or capital account transactions or a combination of both. 3.2 Under this facility, resident individuals will be free to acquire and hold immovable property or shares or any other asset outside India without prior approval of the Reserve Bank. Individuals will also be able to open, maintain and hold foreign currency accounts with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Procedure Requirements to be complied with by the remitter 4.1 To avail of this facility, the individual will have to designate a branch of an AD through which all the remittances under the scheme will be made. 4.2 The resident individual seeking to make the remittance should furnish an application letter cum declaration in the format as indicated in Annexure-A regarding the purpose of the remittance and declaration that the funds belong to the remitter and will not be used for the purposes as detailed above. 4. Requirements to be complied with by the Authorised Dealers 4.3 While allowing the facility to resident individuals, Authorised Dealers are required to ensure that the " Know Your Customer " Guidelines have been implement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion on the number of applicants and total amount remitted to the Chief General Manager, External Payment Division, Foreign Exchange Department, Reserve Bank of India, Central Office, Mumbai-400001. 6. Necessary amendments to the relevant Foreign Exchange Management Regulations, 2000 as also the relevant Notifications, issued under FEMA, 1999 are being issued separately. 7. Authorised Dealers may bring the contents of this circular to the notice of their constituents concerned. 8. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999). Yours faithfully, Grace Koshie Chief General Manager Encls.: As above Annexure A [A.P. (DIR.S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... certified that the source of funds for making the said remittance belongs to me and will not be used for prohibited purposes. Signature of the applicant (Name) Certificate by the authorised dealer This is to certify that the remittance is not being made by/ to ineligible entities and that the remittance is in conformity with the instructions contained in Reserve Bank A.P.(DIR Series) Circular No.64 dated February 4, 2004. Name and designation of the authorized official: Place: Signature Date: Stamp and seal of the AD branch Annexure- B [A.P. (DIR.Series) Circular No.64 dated February 4, 2004] Foreign Exchange Management (Current Account Tra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is) Ministry of Surface Transport, (Chartering Wing) 5. Multi-modal transport operators making remittance to their agents abroad Registration Certificate from the Director General of Shipping 6. Remittance of container detention charges exceeding the rate prescribed by Director General of Shipping Ministry of Surface Transport (Director General of Shipping) 7. Remittances under technical collaboration agreements where payment of royalty exceeds 5per cent on local sales and 8per cent on exports and lump-sum payment exceeds USD 2 million Ministry of Industry and Commerce 8. Remittance of prize money/sponsorship of sports activity abroad by a person other than International / National ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f a foreign state other than Pakistan. exceeding USD 100,000 per year, per recipient, in all other cases. Explanation: For the purpose of this item, a person resident in India on account of his employment of a specified duration (irrespective of length thereof) or for a specific job or assignment; the duration of which does not exceed three years, is a resident but not permanently resident. Release of foreign exchange, exceeding USD 25,000 to a person, irrespective of period of stay, for business travel, or attending a conference or specialised training or for maintenance expenses of a patient going abroad for medical treatment or check-up abroad, or for accompanying as attendant to a patient going abroad for medical treat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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