RBI/2014-15/171
A. P. (DIR Series) Circular No. 19
August 11, 2014
To
All Category - I Authorised Dealer Banks
Madam / Sir,
Liberalised Remittance Scheme for resident individuals-clarification
Attention of Authorised Dealer Category-I (AD Category-I) banks is
invited to
A.P. (DIR Series) Circular No. 5 dated July 17, 2014, in terms of
which it was clarified that the Scheme can also be used for acquisition of
immovable property outside India.
2. In the light of the above clarification, the requirement of post facto
reporting stipulated in terms of
A.P. (DIR Series) Circular No.32 dated
September 04, 2013, (Sr. no. 4 of Annexure to the Circular) stands withdrawn.
3. The directions contained in this Circular have been issued under Section 10
(4) and 11 (1) of the Foreign Exchange Management Act, 1992 (42 of 1999) and are
without prejudice to permissions/approvals, if any, required under any other
law.
Yours faithfully,
(C. D. Srinivasan)
Chief General Manager