| Date: |
17-07-2014
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| Notification No: |
RBI/2014-15/132 A.P. (DIR Series) Circular No.5
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| Issuing Authority: |
RBI
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| Type: |
A.P.D.(Series) Circulars
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| File No: |
RBI/2014-15/132 |
| Subject: |
Liberalised Remittance Scheme (LRS) for resident individuals-Increase in the limit from USD 75,000 to USD 125,000
|
RBI/2014-15/132
A.P. (DIR Series) Circular No.5
July 17, 2014
To
All Category – I Authorised Dealer Banks
Madam/ Sir,
Liberalised Remittance Scheme (LRS) for resident individuals-Increase in
the limit from USD 75,000 to USD 125,000
Attention of Authorised Dealer Category-I (AD Category-I) banks is
invited to the guidelines regarding the Liberalised Remittance Scheme (LRS) for
Resident Individuals (the Scheme).
- It was decided vide
A.P.(DIR Series) Circular No. 138 dated June 3, 2014, to
increase the limit to USD 125,000 per financial year (April-March) from USD
75,000. Accordingly, AD Category –I banks have been allowed to remit up to USD
125,000 per financial year, under the Scheme, for any permitted current or
capital account transaction or a combination of both. Further, it is clarified
that the Scheme can now be used for acquisition of immovable property outside
India.
- All other terms and conditions mentioned in
A.P.(DIR Series) Circular No. 64,
dated February 4, 2004,
A.P.(DIR Series) Circular No. 24 dated December 20,
2006,
A.P.(DIR Series) Circular No.51 dated May 8, 2007,
A.P.(DIR Series)
Circular No.36 dated April 4, 2008,
A.P.(DIR Series) Circular No.17 and
18 both
dated September 16, 2011,
A.P.(DIR Series) Circular No.106 dated May 23, 2013,
A.P.(DIR Series) Circular No.24 dated August 14, 2013 and
A.P.(DIR Series)
Circular No. 138 dated June 3, 2014, shall remain unchanged.
- Reserve Bank has since amended the Principal Regulations through the Foreign
Exchange Management (Permissible Capital Account Transaction) (Amendment)
Regulations, 2014 notified vide
Notification No. FEMA 311/2014-RB dated June 24,
2014 c.f. G.S.R. No. 488 (E) dated July 11, 2014.
- AD-Category I banks may bring the contents of this circular to the notice of
their constituents and customers concerned.
- 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
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