Liberalised Remittance Scheme for Resident Individuals - Revised Application cum Declaration form
A resident individual has been permitted to make a gift / loan in rupees to a Non-Resident Indian /Person of Indian Origin close relative (s), subject to certain terms and conditions. One of the conditions is that the gift / loan amount should be within the overall limit of USD 200,000 per financial year as permitted under the LRS for a resident individual.
RBI has notified the revised Application cum Declaration form for purchase of foreign exchange under the LRS.
RBI Circular No. 32 Dated: October 10 2011