Yes, Under the Liberalized Remittance Scheme, all resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year (April to March) for any permissible current or capital account transaction or a combination of both that includes investment in overseas stocks, shares, and property.
Under the Scheme, resident individuals can acquire and hold immovable property or shares, debt instruments, or any other assets outside India, without prior approval of the Reserve Bank. Individuals can also open, maintain, and hold foreign currency accounts with banks outside India for carrying out transactions permitted under the Scheme.
However, the following items are prohibited under the Scheme:
i) Remittance for any purpose specifically prohibited under Schedule I (like purchase of lottery tickets/sweep stakes, proscribed magazines, etc.) or any item restricted under Schedule II of Foreign Exchange Management (Current Account Transactions) Rules, 2000;
ii) Remittance from India for margins or margin calls to overseas exchanges / overseas counter-party
iii) Remittances for the purchase of FCCBs issued by Indian companies in the overseas secondary market
iv) Remittance for trading in foreign exchange abroad
v) Remittance by a resident individual for setting up a company abroad
vi) Remittances directly or indirectly to Bhutan, Nepal, Mauritius and Pakistan
vii) Remittances directly or indirectly to countries identified by the Financial Action Task Force (FATF) as non-co-operative countries and territories, from time to time
viii) Remittances directly or indirectly to those individuals and entities identified as posing a significant risk of committing acts of terrorism as advised separately by the Reserve Bank to the banks.
