Miscellaneous Remittances from India – Facilities for Residents
The Reserve Bank of India has outlined facilities for residents to release foreign exchange through authorized dealers.
Key Facilities:
• Travel purposes: Simplified Application-cum-Declaration (Annex-2) for sale of exchange.
• Medical treatment, cultural tours, private visits, and business visits: Specific guidelines for each purpose.
• Surrender of foreign exchange: Residents must surrender unspent foreign exchange within a specified period.
• Resident Foreign Currency (Domestic) Account: Facilities for residents to hold foreign currency in India.
• Remittances for tour arrangements, etc.: Guidelines for payment in rupees and issue of guarantees for import of services.
• Liberalised Remittance Scheme (LRS): USD 125,000 per year for resident individuals, with mandatory PAN number requirement (Annex-3).
• Documentation: Specific requirements for remittances (item 3 of Appendix 2).
• Endorsement on Passport: Requirements for endorsement on passports.
• International Credit Card: Guidelines for use of international credit cards.
These facilities aim to simplify and facilitate miscellaneous remittances from India for residents.
Chat with the Master Circular:
Download: Master Circular on Miscellaneous Remittances from India – Facilities for Residents