Opinion Of Eminent Legal Luminaries On Controversial Issues

Foreign Exchange Management Act , 1999- Foreign Remittance

QUERY: A daughter of ‘A’ settled in U.S. (Green Card Holder) want to acquire house in US. for which Indian ‘A’ (parent) wants to remit 50,000/- US dollars from India. Is it required to obtain permission of RBI or any other Authority?
ANSWER: No, as per Liberalised Remittance Scheme (LRS) updated as on August 2, 2017 vide Notification No. RBI/FED/2017-18, a resident individual through authorised dealer may remit up to USD 2,50,000 per financial year to any permitted current or capital account transactions or a combination of both. The scheme is not available to corporates partnership firms, HUF, trust. The permissible capital account transactions inter-alia, includes purchase of property abroad.

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