Rationalization Under Liberalized Remittance Scheme (LRS) For Current And Capital Account Transactions

RBI has made changes for liberalization and rationalization of LRS for resident individuals and existing guidelines issued under the Foreign Exchange Management (Current Account Transactions) Rules, 2000. The changes are as follows:-

1. Authorized dealer Banks may allow remittances by a resident individual up to USD 250,000 per financial year for any permitted current or capital account transaction or a combination of both. If an individual has already remitted any amount under the LRS, then the applicable limit for such an individual would be reduced from the present limit of USD 250,000 for the financial year by the amount already remitted.
2. To facilitate ease of transactions, all the facilities (including private/ business visits) for release of exchange/ remittances for current account transactions available to resident individuals under Para 1 of Schedule III to the Foreign Exchange Management (Current Account Transactions) Rules, 2000, as amended from time to