BANKING AFFAIRS

Detailed explanation-1: -Is there any limit on the amount of money which can be sent under MTSS? A cap of USD 2, 500 has been placed on individual remittances under the scheme. In addition, thirty remittances can be received by a single individual beneficiary under the scheme during a calendar year.

Detailed explanation-2: -50, 000/-may be paid in cash. Any amount exceeding this limit shall be paid by means of cheque / DD /PO etc or credited directly to the beneficiary’s account. Only 30 Transactions per beneficiary are permitted in a calendar year. Payment is made in INR only, without any deduction of charges from beneficiary.

Detailed explanation-3: -What is the LRS remittance limit? LRS allows Indian residents to freely remit up to USD $250, 000 per financial year for current or capital account transactions or a combination of both.

Detailed explanation-4: -Here are the answers to all the questions you may have for outward remittance. Q . How much money can be sent? A resident individual can remit up to $2.5 lakh in a financial year through multiple transactions for any permissible current or capital account transaction, or a combination of both.