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Home Articles Foreign Exchange Law         Share :

Increase in remittance facility for individuals to US$ 2,50,000

Date: 4th February 2015
To,
Clients and Friends,
 
 
  Sub: Liberalised Remittance Scheme for individuals – Increase in the limit to US$ 2,50,000
 
 
The RBI Governor announced the bi-monthly monetary policy statement on 3rd February 2015. Amongst the various measures, it has been stated that the remittance facility for individuals has been increased from US$ 1,25,000 per year to US$ 2,50,000 per year.
 
Further, various other remittance facilities available for education, immigration etc. have been subsumed within this limit. There will now be no separate limit for various transactions. This should bring about simplicity.
 
This almost amounts to Capital Account Convertibility upto US$ 2,50,000 for individuals.
 
At present, for investment abroad in foreign companies, individuals have to file various forms. This may be done away with and only simple compliance may be there.
 
Notification will be issued in due course. We will update you with more details as we receive the same.
 
At present, for investment abroad in foreign companies, individuals have to file various forms. This may be done away with and only simple compliance may be there.
 
 
Rashmin Sanghvi and Associates