Travel abroad on private visit
For private visits abroad, other than to Nepal and Bhutan, any resident individual can obtain foreign exchange up to an aggregate amount of USD 2,50,000, in any one financial year, irrespective of the number of visits undertaken during the year. The foreign currency, for this purpose, can be drawn maximum of 60 days in advance of the journey date. The customers who wish to draw foreign exchange is required to submit the following documents, in duplicate, to the branch where he/she is having their account: -
1. Application cum declaration for purchase of foreign exchange under LRS of USD 250,000 [Form A-2]
2. Form – 2 (Declaration u/s 10 [5] of FEMA)
3. Copy of the passport.
4. Copy of the travel ticket.
5. Copy of PAN [for transactions exceeding USD.25000]
Travel abroad for business purpose
Visits by individuals in connection with attending of an international conference, seminar, specialised training, apprentice training, etc., are treated as business visits. For business trips to foreign countries, resident individuals can avail of foreign exchange up to USD 2,50,000 in a FY irrespective of the number of visits undertaken during the year.
However, if an employee is being deputed by an entity for any of the above and the expenses are borne by the latter, such expenses shall be treated as residual current account transactions outside LRS and may be permitted by the AD without any limit, subject to verifying the bonafides of the transaction.
The foreign exchange can be drawn maximum of 60 days in advance of the journey date. The customers who wish to draw foreign exchange is required to submit the following documents, in duplicate, to the branch where he/she is having their account: -
1. Application cum declaration for purchase of foreign exchange under LRS of USD 250,000 [Form A-2]
2. Form – 2 (Declaration u/s 10 [5] of FEMA)
3. Copy of the passport.
4. Copy of the travel ticket.
5. Copy of PAN [for transactions exceeding USD.25000]
Medical treatment abroad
With a view to enable resident individuals to avail of foreign exchange for medical treatment abroad without any hassles and any loss of time, Applicants may draw foreign exchange up to an amount of USD 2,50,000 or its equivalent, on the basis of self-declaration in Form A2 and ‘Application cum declaration for purchase of foreign exchange under LRS of USD 250,000’ without insisting on any estimate from a hospital/doctor.
For amount exceeding the above limit, estimate from the doctor in India or hospital/ doctor abroad, is required to be submitted to the Authorised Dealers.
A person who has fallen sick after proceeding abroad may also be released foreign exchange by an Authorised Dealer for medical treatment outside India.
In addition to the above, an amount up to USD 250,000 per financial year is allowed to a person for accompanying as attendant to a patient going abroad for medical treatment/check-up.
The foreign exchange can be drawn maximum of 60 days in advance of the journey date. The customers who wish to draw foreign exchange is required to submit the following documents, in duplicate, to the branch where he/she is having their account: -
1. Application cum declaration for purchase of foreign exchange under LRS of USD 250,000 [Form A-2]
2. Form – 2 (Declaration u/s 10 [5] of FEMA)
3. Copy of the passport.
4. Copy of the travel ticket.
5. Copy of PAN [for transactions exceeding USD.25000]
Facilities available to students for pursuing their studies abroad.
Applicants can draw foreign exchange up to USD 2,50,000 or its equivalent for studies abroad on self-declaration basis in Form A2 and ‘Application cum declaration for purchase of foreign exchange under LRS of USD 250,000’, without any estimate from the foreign University. However, remittances exceeding USD 250,000 may be requested, based on the estimate received from the institution abroad.
Students going abroad for studies are treated as Non-Resident Indians (NRIs) and are eligible for all the facilities available to NRIs under FEMA, 1999. Educational and other loans availed of by students as residents in India can be allowed to continue. A student holding NRO account may withdraw and repatriate up to USD 1 million per financial year from his NRO account. USD 3000 or its equivalent may be carried by the student in the form of foreign currency (which shall be within the overall limit of USD 2,50,000 or the estimate received from the institution abroad) while going for study abroad.
The amount can be drawn towards tuition fee, maintenance expense, boarding and lodging, settling-in expenses, books, study materials, computers etc., The amount can be drawn in the form of TT, draft, Travellers’ Cheques and/or currency notes (subject to country specific ceiling on currency note component as per RBI directions). In case of first drawal (i.e., before proceeding abroad) the foreign exchange can be drawn maximum of 60 days in advance of the journey date. The customers who wish to draw foreign exchange is required to submit the following documents, in duplicate, to the branch where he/she is maintaining account: -
1. Application cum declaration for purchase of foreign exchange under LRS of USD 250,000 [Form A-2]
2. Form – 2 (Declaration u/s 10 [5] of FEMA)
3. Copy of the passport.
4. Copy of the travel ticket.
5. Copy of PAN [for transactions exceeding USD.25000]
6. Copy of the Letter of Admission issued by the overseas institution.
7. Application in Form TRS*
8. Form A-2*
9. Copy of the estimate given by the overseas institution. *
[*for transactions beyond USD.250000]
Employment Abroad
A person going abroad for employment can draw foreign exchange up to USD 2,50,000 once on the basis of self-declaration in Form A2 and ‘Application cum declaration for purchase of foreign exchange under LRS of USD 250,000’. If an individual remits any amount under the Liberalised Remittance Scheme in a financial year, then the applicable limit for such individual would be reduced from USD 250,000 by the amount so remitted.
The foreign exchange can be drawn maximum of 60 days in advance of the journey date. The customers who wish to draw foreign exchange is required to submit the following documents, in duplicate, to the branch where he/she is having their account: -
1. Application cum declaration for purchase of foreign exchange under LRS of USD 250,000 [Form A-2]
2. Form – 2 (Declaration u/s 10 [5] of FEMA)
3. Copy of the passport.
4. Copy of the travel ticket.
5. Copy of the employment letter.
6. Copy of PAN [for transactions exceeding USD.25000]
Gift/donation
Any resident individual may remit up-to USD 2,50,000 in one financial year as gift to a person residing outside India or as donation to an organization outside India. Remittances exceeding the limit of USD 2,50,000 will require prior permission from the Reserve Bank. If an individual remits any amount under the Liberalised Remittance Scheme in a financial year, then the applicable limit for such individual would be reduced from USD 250,000 by the amount so remitted. Customers who wish to make remittances, should submit the following documents to the branch where they are having the account: -
1. Application cum declaration for purchase of foreign exchange under LRS of USD 250,000 [Form A-2]
2. Form – 2 (Declaration u/s 10 [5] of FEMA)
3. Copy of PAN [for transactions exceeding USD.25000]
Emigration
A person going abroad on emigration can draw foreign exchange up to the amount prescribed by the country of emigration or USD 250,000. This amount is only to meet the incidental expenses in the country of emigration. Further, this remittance is not for undertaking any capital account transactions such as overseas investment in government bonds; land; commercial enterprise; etc. No amount of foreign exchange can be remitted outside India to become eligible or for earning points or credits for immigration.
The foreign exchange can be drawn maximum of 60 days in advance of the journey date. The customers who wish to draw foreign exchange is required to submit the following documents, in duplicate, to the branch where he/she is having their account: -
1. Application cum declaration for purchase of foreign exchange under LRS of USD 250,000 [Form A-2]
2. Form – 2 (Declaration u/s 10 [5] of FEMA)
3. Copy of the passport.
4. Copy of the travel ticket.
5. Copy of the emigration letter.
6. Copy of PAN [for transactions exceeding USD.25000]
7. Declaration cum Undertaking in Form 15-CB duly supported by Chartered Accountant’s certificate in Form 15-CA, u/s 195 of the Income Tax Act, where the remittance is to be made in favour of non-resident beneficiary.
Maintenance of close relative abroad
A resident individual can remit up-to USD 250,000 per financial year towards maintenance of close relatives [‘relative’ as defined in Section 6 of the Indian Companies Act, 1956] abroad. If an individual remits any amount under the Liberalised Remittance Scheme in a financial year, then the applicable limit for such individual would be reduced from USD 250,000 by the amount so remitted.
The customers who wish to draw foreign exchange for this purpose is required to submit the following documents, in duplicate, to the branch where he/she is having their account: -
1. Application cum declaration for purchase of foreign exchange under LRS of USD 250,000 [Form A-2]
2. Form – 2 (Declaration u/s 10 [5] of FEMA)
3. Copy of PAN [for transactions exceeding USD.25000]
Liberalised Remittance Scheme (LRS)
Under the Liberalised Remittance Scheme, all resident individuals, including minors, are allowed to freely remit up to USD 250,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of both.
Customers, who wish to make remittances under the LRS should submit the following documents to the branch where they are having the account :
1. Application cum declaration for purchase of foreign exchange under LRS of USD 250,000 [Form A-2]
2. Form – 2 (Declaration u/s 10 [5] of FEMA)
3. Copy of PAN [for remittances exceeding USD.25000 and for all capital account transactions]