FEMA Regulations: Resident Accounts and Liberalized Remittance Scheme

Non-Resident Ordinary Rupee Account is not a resident account under the Foreign Exchange Management (Resident Accounts) Regulations, 2000.

Under the Liberalized Remittance Scheme (LRS), a resident individual can remit up to $250,000 abroad per financial year.

Remitting funds abroad for investment purposes is not permitted under the Foreign Exchange Management (Resident Accounts) Regulations, 2000.

A resident individual can hold up to $250,000 in a resident foreign currency account.

PAN card, Aadhaar card, and Passport are all required for opening a resident foreign currency account.

A resident individual can remit up to $100,000 abroad for education purposes under the LRS per academic year.

Investment is not a permitted purpose for remitting funds abroad under the LRS.

A resident individual can remit up to $100,000 abroad for medical treatment under the LRS per financial year.

PAN card, Aadhaar card, and Passport are all required for remitting funds abroad under the LRS.

A resident individual can remit up to $50,000 abroad for maintenance of close relatives abroad under the LRS per financial year.

Spouse, children, and parents are all considered close relatives for the purpose of remitting funds abroad under the LRS.

A resident individual can remit up to $10,000 abroad for travel purposes under the LRS per financial year.

Donations are not a permitted purpose for remitting funds abroad under the LRS.

A resident individual can remit up to $25,000 abroad for gifts under the LRS per financial year.