01. Eligibility: Resident Individuals including minors.
02. Limit: Up to USD 1,25,000 per Financial Year. The remittance facility under LRS is in addition to those already available for private travel, business travel, studies, medical treatment etc.
03. General Provisions:
i) Resident individual investor is permitted to retain and reinvest the income earned on investments made under the scheme.
ii) Remittances under the scheme can be consolidated in respect of family members subject to the individual family members complying with the terms and conditions of the scheme.
iii) It is mandatory to have PAN number to make remittances under the scheme.
iv) Once a remittance is made for an amount up to USD 1,25,000 during the financial year, the resident individual will not be eligible to make any further remittances under the scheme, even if the proceeds of the investments have been brought back to India.
v) Banks are not permitted to extend any kind of credit facilities to resident individuals for facilitating outward remittances under the scheme.
vi) Resident individual is not permitted to open foreign currency account in India under the scheme. Offshore Banking Unit IN India is not treated as an overseas branch of a bank in India for the purpose of the scheme.