IMPLEMENTATION LEVEL

National

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

all

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 03 Jun 2013 | Removal date: open ended
Still in force

Controls on commercial transactions and investment instruments

On 3 June 2014, the Reserve Bank of India (RBI) increased the total amount of remittances allowed to be sent abroad by individuals with residency in India under the Libearalized Remittance Scheme (LRS) from USD 75,000to USD 125,000 per financial year. The limit was last reduced on 14 August 2013 from USD 200,000 to USD 75,000 (see related measure).

The LRS was introduced in 2004 allowing all resident individuals (not including corporates, firms, trusts etc.) to send remittances abroad up to a defined limit. The money could be used for any capital or current account transaction, including acquiring and holding immovable property or shares or any other asset, outside India without prior approval of the RBI.

AFFECTED COUNTRIES

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