LIBERALISED REMITTANCE OF $50000 BY RESIDENTS
Liberalised Remittance Scheme of USD 50,000 for Resident Individuals
Circular No. A.P.(DIR Series) Circular No. 24 Dated 20.12.2006 : The Reserve Bank of India liberalised further, the Remittance Scheme of USD 25,000 by enhancing the limit of USD 25,000 per calendar year to USD 50,000 per financial year (April- March) for any current or capital account transactions or a combination of both, to simplify the procedures and providing greater flexibility in foreign exchange transactions. In addition, as a measure of rationalization, it has also been decided that limit of USD 50,000 under the Scheme would also include remittances towards gift and donation by a resident individual. Such facility is available only to the Authorised Dealer Category I (AD - Category I) banks. The requirement of 10 per cent reciprocal shareholding in the listed Indian companies by overseas companies has also been dispensed with on the recommendation of the SS Tarapore Committee on fuller capital account convertibility.
Circular No. A.P.(DIR Series) Circular No. 24 Dated 20.12.2006 : The Reserve Bank of India liberalised further, the Remittance Scheme of USD 25,000 by enhancing the limit of USD 25,000 per calendar year to USD 50,000 per financial year (April- March) for any current or capital account transactions or a combination of both, to simplify the procedures and providing greater flexibility in foreign exchange transactions. In addition, as a measure of rationalization, it has also been decided that limit of USD 50,000 under the Scheme would also include remittances towards gift and donation by a resident individual. Such facility is available only to the Authorised Dealer Category I (AD - Category I) banks. The requirement of 10 per cent reciprocal shareholding in the listed Indian companies by overseas companies has also been dispensed with on the recommendation of the SS Tarapore Committee on fuller capital account convertibility.
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