| Deposits-Outward Remittance-FAQs | ||||||||||||||||||||||
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| 1. Father | 2. Mother (including step-mother) |
| 3. Son (including step-son) | 4. Son's wife |
| 5. Daughter (including step-daughter) | 6. Father's father |
| 7. Father's mother | 8. Mother's mother |
| 9. Mother's father | 10. Son's son |
| 11. Son's son's wife | 12. Son's daughter |
| 13. Son's daughter's husband | 14. Daughter's husband |
| 15. Daughter's son | 16. Daughter's son's wife |
| 17. Daughter's daughter | 18. Daughter's daughter's husband |
| 19. Brother (including step-brother) | 20. Brother's wife |
| 21. Sister (including step-sister) | 22. Sister's husband |
Can I remit funds for purchase of Shares in company abroad?
Yes, resident individual can purchase the share of company abroad allotted under ESOPs.
How much can I remit for medical expenses abroad?
The limit to remit for the purpose of Medical expense is USD . Remittance in excess of USD is allowed without any monetary limit subject to estimate from doctor in India or a doctor/hospital abroad. Reserve Bank approval is required to release exchange if the amount exceeds the estimate from the doctor in India or doctor/hospital abroad.
Can I take out an Insurance policy from a Foreign Insurance Company?
A person resident in India can take or continue to hold a life insurance policy by an insurer abroad, with no specific monetary limit, provided that the policy is held under the specific or general permission of the Reserve Bank of India.
What is the Liberalised Remittances Scheme of USD 100,000? Who is eligible to avail the facility under this scheme?
The liberalised remittance Scheme is a facility available for making remittance up to USD 100,000 per financial year for permissible current or capital account transactions or a combination of both. All resident individuals are eligible to avail of the facility under the USD 100,000 scheme. This facility will not be available to corporate, partnership firms, HUF, Trusts, etc.
Can I remit to all the countries under the liberalised remittance scheme of USD 100,000?
No, this facility is not available for remittances to be made directly or indirectly to Bhutan, Nepal, Mauritius or Pakistan and countries identified by the Financial Action Task Force (FATF) as “non co-operative countries and territories”. It is not available for remittances to be made directly or indirectly to those individuals and entities identified as posing significant risk of committing acts of terrorism as advised by RBI to the Banks.
What are the purposes for which remittance can be made under the USD 100,000 scheme?
This facility is available for making remittances for any permissible current or capital account transactions or combination of both. It is not available for purposes specifically prohibited (Schedule I) or regulated by the Government of India ( Schedule II) of Foreign Exchange Management (Current Account Transactions) Rules, 2000. Under this facility, resident individuals can freely acquire and hold immovable property, shares or any other asset outside India without prior approval of Reserve Bank of India. However, under this facility resident cannot make remittances in the nature of margins or margins calls to overseas exchanges/ overseas counterparty that includes trading in futures and derivatives.
Can I remit the funds out of Lottery winnings?
No, the remittance is not possible as the drawal of Foreign Exchange is prohibited for the funds out of Lottery winnings.
