LRS Liberalised Remittance Scheme – RBI- Updated July 2017
Government of India through RBI forms the rules and regulations that oversee the process of you sending money abroad from India. They have to keep check so that the outflow of foreign exchange remains within the limit. Because if too much of money is send abroad from India, it may drain the foreign reserves and harm the rupee and economy. The rules set by RBI come under a scheme called LRS or Liberalised Remittance Scheme
What is LRS?
LRS is a scheme under which anyone residing in India (for more than 6 months) can freely send up to $250000 overseas every financial year for few particular reasons. The limits were set in 2004 and further updated in 2014 for individuals to remit money across the border, without seeking specific approvals. Under LRS, you can send money abroad for education, travel, medical treatment and purchase of shares and property, apart from maintenance of relatives living abroad, gifting and donations. Individuals can also open, maintain and hold foreign currency accounts with overseas banks for carrying out transactions..
You can remit money from India under Liberalised Remittance Scheme for the following 8 reasons:
8: For Private Visits Abroad:
7: For Gift or Donation
6: For Going Abroad On Employment
5: For Emigration
4: For Maintenance of Close Relatives Abroad
3: For Medical Treatment Abroad
2: For Business Trip
1: For Studies Abroad
Read further on Money Transfers from India-
Transfer Money Abroad – Step by Step Guide from India 2017
And the most asked questions on Sending Money Abroad from India
And if you are a student, or want to study abroad in near future or already studying abroad, you may want to know the best options for you to carry the foreign currency abroad to save yourself some money
4 Ways Students Can Carry or Send Money Abroad!
To know about benefits of transferring money abroad with BookMyForex, visit www.bookmyforex.com or call us on 09212219191
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