News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
« Latest Circulars »
 Acquisition of financial assets by Asset Reconstruction Companies from sponsors and lenders
 RBI releases “Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector”
 Exim Bank's Government of India supported Line of Credit (LOC) of USD 500 million to the Government of Bangladesh
 Prohibition of Benami Property Transactions (1st Amendment), Rules, 2019
  Application for initiation of corporate insolvency resolution process against Dewan Housing Finance Corporation Limited filed under the Insolvency and Bankruptcy Code, 2016
 RBI-Auction of Government of India Dated Securities December 02, 2019
 Application for initiation of corporate insolvency resolution process against Dewan Housing Finance Corporation Limited filed under the Insolvency and Bankruptcy Code, 2016
  Repurchase Transactions (Repo) (Reserve Bank) Directions, 2018 - Amendment
 Repurchase Transactions (Repo) (Reserve Bank) Directions, 2018 - Amendment
 RBI-Fiscal Federalism: Ideology and Practice
 RBI announces the Framework on Currency Swap Arrangement for SAARC countries for the period 2019 to 2022

RBI-Liberalised Remittance Scheme (LRS) for resident individuals-Increase in the limit from USD 75,000 to USD 125,000
June, 04th 2014

RBI/2013-14/624
A.P. (DIR Series) Circular No.138

June 3, 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 A.P.(DIR Series) Circular No 24 dated August 14, 2013 and the subsequent clarifications issued vide A.P. (DIR Series) Circular No 32 dated September 04, 2013 regarding the Liberalised Remittance Scheme (LRS) for Resident Individuals (the Scheme).

2. As indicated in paragraph 13 of the Second Bi-Monthly Monetary Statement, 2014-15, it has now been decided to enhance the existing limit of USD 75,000 per financial year (April-March) to USD 125,000 with immediate effect. Accordingly, AD Category –I banks may now allow remittances up to USD 125,000 per financial year, under the Scheme, for any permitted current or capital account transaction or a combination of both.

3. The Scheme should not be used for making remittances for any prohibited or illegal activities such as margin trading, lottery, etc.

4. All other terms and conditions shall remain unchanged.

5. AD-Category I banks may bring the contents of this circular to the notice of their constituents and customers concerned.

6. The directions contained in this Circular have been issued under Section 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (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

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting