Ayush Poddar
(CA in Practice)
(37 Points)
Replied 29 June 2016
Under the Liberalised Remittance Scheme, all resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of both.
The Scheme is available to all resident individuals including minors.
The Scheme is not available to corporates, partnership firms, HUF, Trusts, etc
I am linking the rbi page direction for you to read for further details:-
https://www.rbi.org.in/scriptts/BS_ViewMasterDirections.aspx?id=10192
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