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The existing limit of USD 50,000 per financial year under the Scheme has been enhanced to USD 100,000 per financial year (April- March), under liberalised remittance scheme for resident individuals. Accordingly, AD Category – I banks may allow remittance up to USD 100,000, per financial year, for any permitted current or capital account transactions or a combination of both.
Indians allowed remittance up to USD 100,000, per financial year
RBI has clarified in it's notification dated 8th May 2007, that such remittances are allowed under the Scheme only in respect of permissible current or capital account transactions. All other transactions which are otherwise not permissible under FEMA and those in the nature of remittance for margins or margin calls to overseas exchanges / overseas counterparty are not allowed under the Scheme.
It is further clarified that banks should not extend any kind of credit facilities to resident individuals to facilitate remittances under the Scheme.
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