Liberalised Remittance Scheme for resident individuals - RBI clarification
BY Circular No. 5 dated July 17, 2014, RBI had clarified that under the Liberalised Remittance Scheme, Resident Individuals can acquire immovable property outside India upto a value of 1,25,000 USD. Banks have been allowed to remit up to USD 125,000 per financial year, under the Scheme, for any permitted current or capital account transaction or a combination of both. Now RBI clarifies that the requirement of post facto reporting stipulated stands withdrawn.