BANKING AFFAIRS

Detailed explanation-1: -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. Any remittance exceeding this limit requires prior permission from the RBI.

Detailed explanation-2: -Send money abroad up to USD 2, 50, 000 (INR 2, 04, 50, 250) in aggregate per financial year; Go on private visits and holidays abroad, including visits to relatives/ friends, etc., and. Meet expenses towards medical treatment abroad not exceeding USD 2, 50, 000 (INR 2, 04, 50, 250) in aggregate per financial year.

Detailed explanation-3: -You can indefinitely retain foreign exchange upto US$ 2, 000, in the form of foreign currency notes or travellers’ cheques (TCs) for future use. Any foreign exchange in cash in excess of this sum, is required to be surrendered to a bank within 90 days and TCs within 180 days of return.

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.

Detailed explanation-5: -Maximum Limit According to the LRS, a Person Resident in India can transfer funds up to the LRS limit of USD 25, 000 per calendar year for any permissible current or capital account transactions or a combination of both.