The facility is available to all resident individuals including minors. In case of remitter being a minor, the LRS declaration form should be countersigned by the minors natural guardian. Accordingly, the modified LRSapplication cum declaration formis enclosed;
Remittances under the facility can be consolidated in respect of family members subject to individual family members complying with the terms and conditions of the scheme; and
Remittances under the scheme can be used for purchasing objects of art subject to the provisions of other applicable laws such as the extant Foreign Trade Policy of the Government of India.
3. All other terms and conditions mentioned in the afore-mentioned Circulars shall remain unchanged.
4. AD - Category I banks may bring the contents of this circular to the notice of their constituents and customers concerned.
5. The directions contained in this Circular have been issued under sections 10 (4) and 11 (1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and is without prejudice to permissions / approvals, if any, required under any other law.
(Meena Hemchandra) Chief General Manager In-Charge
Annex [Annex to A. P. (DIR Series) Circular No. 90 dated March 06, 2012]
Application cum Declaration for purchase of foreign exchange under the Liberalised Remittance Scheme of USD 200,000 for Resident individuals
(To be completed by the applicant)
I. Details of the applicant a. Name .. b. Address c. Account No.. d. PAN No.
II. Details of the foreign exchange required 1. Amount (Specify currency) 2. Purpose
III. Source of funds:.
IV. Nature of instrument Draft.. Direct remittance
V. Details of the remittance made under the Scheme in the financial year (April- March) 20__ 20__ Date : Amount :.
VI. Details of the Beneficiary 1. Name .. 2. Address 3. Country 4*. Name and address of the bank. 5*. Account No.. (* Required only when the remittance is to be directly credited to the bank account of the beneficiary)
This is to authorize you to debit my account and effect the foreign exchange remittance/ issue a draft as detailed above (strike out whichever is not applicable).
I, . (Name), hereby declare that the total amount of foreign exchange purchased from or remitted through, all sources in India during the financial year as per item No. V of the Application, including utilisation of the said limit on account of loan extended or gift made in rupees credited to NRO account of non-resident close relative(s), is within the limit of USD 200,000/- (US Dollar Two hundred thousand only), which is the limit prescribed by the Reserve Bank for the purpose and certify that the source of funds for making the said remittance belongs to me and will not be used for prohibited purposes.
Signature of the applicant
Signature of the natural guardian of the applicant @
@Where the applicant is minor, the application should be countersigned by minors natural guardian
Certificate by the Authorised Dealer
This is to certify that the remittance is not being made by/ to ineligible entities and that the remittance is in conformity with the instructions issued by the Reserve Bank from time to time under the Scheme.