Liberliased Remittance Scheme – further liberalized - RBI
With a view to simplifying the procedures and providing greater flexibility in foreign exchange transactions, the Liberalised Remittance Scheme is liberalised further by enhancing the limit of USD 25,000 per calendar year to USD 50,000 per financial year.
RBI has also announced
++ limit of USD 50,000 under the Scheme would also include remittances towards gift and donation by a resident individual.
++ investment by resident individual in overseas companies would be subsumed under the Scheme of USD 50,000. The requirement of 10 per cent reciprocal shareholding in the listed Indian companies by such overseas companies has been dispensed with.
++ the existing facility of release of exchange by Authorised Persons up to USD 10,000 or its equivalent in one calendar year on a declaration basis for one or more private visits to any country (except Nepal and Bhutan) will continue to be available on a self-declaration basis
CIRCULAR NO. 24/RBI., Dated: December 20, 2006