Release of Forex by Authorised Dealers
General
AD Banks are to be guided by FEMA,
1999, for release of forex for current account transactions. In terms of the
said Rules,
- Transactions listed in Schedule I is
expressly prohibited.
- Transactions included in Schedule II may
be permitted upon approval from the Ministry/Department of the Government
of India.
- For transactions included in Schedule III,
AD Banks may release forex up to the threshold ceilings mentioned therein.
Prior approval of the RBI would be required for remittance exceeding the
specified limits.
All Rules, Regulations and
Directions issued under the Act also apply to the use of International Credit
Cards (ICC), International Debit Cards (IDC), ATM cards.
Authorised Dealer – Category
II are authorised to release / remit forex for the following non-trade current
account transactions:
(b)
Remittance by tour operators to overseas
agents,
(c)
Business travel,
(d)
Fee for participation in global conferences and
specialized training,
(e)
Remittance for participation in international
events / competitions (towards training, sponsorship and prize money),
(f)
Film shooting,
(g)
Medical treatment abroad,
(h)
Disbursement of crew wages,
(i)
Overseas education,
(j)
Remittance under educational tie up
arrangements with universities abroad,
(k)
Remittance towards fees for examinations held
in India and abroad and additional score sheets for GRE, TOEFL, etc.
(l)
Employment and processing, assessment fees for
overseas job applications,
(m)
Emigration and emigration consultancy fees,
(n)
Skills / credential assessment fees for
intending migrants,
(o)
Visa fees,
(p)
Processing fees for registration of documents
as required by the Portuguese / other Governments,
(q)
Registration / subscription / membership fees
to International Organisations.
Release of forex is not
admissible for travel to and transaction with residents of Nepal and Bhutan.
Authorised Persons may
release forex for travel on the basis of a declaration from the traveler, regarding
the amount of forex availed by him during the financial year. Though not
mandatory, they may record under their stamp and signature, the details of forex
sold, on the passport of the traveler, upon specific request.
The traveler should sign the
cheques in the presence of an authorised official. Acknowledgement for receipt
of the travellers cheques should be held on record. Authorised Dealers may, if
requested, record on the passport of the traveler, under their stamp and
signature, details of forex sold. In case of a child travelling on a parent's
passport, the endorsement should be made on the joint passport.
Out
of the overall forex (USD 250,000) that can be sold to a traveller, exchange in
the form of foreign currency notes and coins may be sold up to the limit
indicated below:
(i)
Travellers proceeding to countries other than
Iraq, Libya, Islamic Republic of Iran, Russian Federation and other Republics
of Commonwealth of Independent States - not exceeding USD 3000 or its
equivalent.
(ii)
Travellers proceeding to Iraq or Libya - not
exceeding USD 5000 or its equivalent.
(iii)
Travellers proceeding to Islamic Republic of
Iran, Russian Federation and other Republics of Commonwealth of Independent
States - full exchange may be released.
(iv)
Travellers proceeding for Haj/Umrah pilgrimage-
full amount of BTQ entitlement in cash or up to the cash limit as specified by
the Haj Committee of India, may be released.
A
resident Indian is allowed to take INR in the denomination of Rs. 100 and below
to Nepal and Bhutan, without any limits. For denominations of Rs 500 and
Rs1,000, the limit is Rs 25,000.
Form A2 and other related
documents should be retained for a period of one year. For current account
remittances upto USD 25,000 Authorised Dealers need a simple letter containing
the names and the addresses of the applicant and the beneficiary, amount to be
remitted and the purpose of remittance. However, the payment in such cases is
to be made by a cheque drawn on the applicant's bank account or by a Demand
Draft. AD banks shall prepare dummy A-2 so as to enable them to provide purpose
of remittance for statistical inputs for Balance of Payment.
Where the remittances are
allowed on the basis of self-declaration, the onus of furnishing the correct
details will remain with the applicant.
Cultural Tours
Dance
troupes, artistes, etc., who wish to undertake tours abroad for cultural
purposes should apply to the Ministry of Human Resources Development
(Department of Education and Culture), Government of India, for their forex
requirements. Authorised Dealers may release forex, on the strength of the
sanction so received.
Private visits
For private visits abroad,
other than to Nepal and Bhutan, any resident individual can obtain forex up to
an aggregate amount of USD 2,50,000, per financial year, irrespective of the
number of visits. If an individual has already remitted any amount under the
Liberalised Remittance Scheme, then the applicable limit would be reduced by
the amount so remitted.
The
resident individual shall have to fill Form A2 and ‘Application cum declaration
for purchase of forex under Liberalised Remittance Scheme of USD 250,000’.
Gift/ donation
Any resident
individual/entity, may remit up-to USD 2,50,000 per financial year as gift or
as donation. Remittances exceeding USD 2,50,000 will require prior permission
from the RBI. If an individual has already remitted any amount under the
Liberalised Remittance Scheme, then the applicable limit would be reduced by
the amount so remitted.
General
permission is available to non individuals to remit towards donations up-to 1%
of their forex earnings during the previous 3 financial years or USD 5,000,000,
whichever is less, for (a) creation of Chairs in reputed educational
institutes, (b) contribution to funds (not being an investment fund); and (c)
contribution to a technical institution or body or association in the field of
activity of the donor Company.
Any
additional remittance in excess of the same shall require prior approval of the
RBI of India.
Going abroad on employment
A person going abroad for
employment can draw up to USD 2,50,000 per financial year 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 has already
remitted any amount under the Liberalised Remittance Scheme, then the
applicable limit would be reduced by the amount so remitted.
Emigration
A
person going on emigration can draw forex upto the amount prescribed by the
country of emigration or USD 250,000. This amount is only to meet the
incidental expenses in that country and not for undertaking capital
account transactions. No forex can be remitted to become eligible or for
earning points or credits for immigration.
Maintenance of close
relatives abroad
A resident individual can
remit up-to USD 250,000 per financial year towards maintenance of close
relatives abroad. If an individual has already remitted any amount under the
Liberalised Remittance Scheme, then the applicable limit would be reduced by
the amount so remitted.
Business trip
Resident
individuals/ proprietorship firms can avail of forex up to USD 2,50,000 in a
financial year irrespective of the number of visits. This limit has been
subsumed under the LRS.
Visits for attending an
international conference, seminar, specialised training, apprentice training,
etc., are treated as business visits. Release of forex exceeding USD 2,50,000 require
prior permission from the RBI.
However, if an employee is
being deputed by a company and the expenses are borne by the company, then such
expenses shall be permitted by the AD bank, without any limit, subject to
verifying the bonafides of the transaction.
Medical treatment abroad
Authorised Dealers may
release forex up to USD 2,50,000, on the basis of self-declaration in Form A2
and ‘Application cum declaration for purchase of forex 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 to be obtained.
A
person who has fallen sick after proceeding abroad may also be released forex for
medical treatment outside India.
An amount up to USD 250,000
per financial year is also allowed to a person for accompanying the patient as
an attendant.
Facilities available to
students for pursuing their studies abroad.
A D Banks may release forex
up to USD 2,50,000 for studies abroad on the basis of Form A2 and ‘Application
cum declaration for purchase of forex under LRS of USD 250,000’, without
insisting on any estimate from the foreign University. However, if estimate is
received, then forex may be released in excess of USD 250,000.
Students going abroad are treated
as NRIs and are eligible for all the facilities under FEMA, 1999. Educational
and other loans can be allowed to continue. He may withdraw and repatriate up
to USD 1 million per financial year from his NRO account. USD 3000 may be
carried by him in the form of foreign currency (which shall be within the limit
of USD 2,50,000 or the estimate received from the institution) while going for
study abroad.
Any other current account
transaction
“Any other current account
transaction” is to cover the current account transactions which were available in the erstwhile Schedule III to FEM (CAT) Rules, 2000 dated May
3, 2000, and which do not appear in Schedule III to FEM (CAT) Amendment Rules, 2015.
Period of surrender of forex
Unutilised
forex could be used for any other eligible purpose for which drawal is allowed.
Unutilised
forex may be surrendered to an Authorised Person within a period of 180 days
from the date of purchase / date of return of the traveller, as the case may
be. However, Authorised Person should not refuse to purchase the forex
merely on the ground that the prescribed period has expired.
The
time limit of 180 days is applicable only to resident individuals and in areas
other than export of goods and services.
In all other cases, the
regulations on surrender shall remain unchanged. (cf. Notification
No. FEMA 9/2000-RB dated May 3, 2000,
as amended from time to time).
Unspent Forex
A returning traveller may
retain foreign currency - travellers cheques and currency notes up to an
aggregate amount of USD 2000 and foreign coins without any ceiling beyond 180
days. Forex so retained, can be utilized for his subsequent visit abroad.
A resident individual can maintain
a Resident Foreign Currency (Domestic) Account. The eligible credits are
as under :-
a) while on a visit abroad, by
way of payment for services not arising from any business in India;
b) from any non resident who is
on a visit to India, as honorarium or gift or for services rendered or in
settlement of any lawful obligation;
c) by way of honorarium or gift
while on a visit abroad;
d) unspent forex acquired from
an authorised person for travel abroad.
e) as gift from a close relative
(as per Sec 6 of the Indian Companies Act, 1956) ;
f) earning through exports, or
as royalty, honorarium or by any other lawful means;
g) disinvestment proceeds
received on conversion of shares to ADRs/GDRs under the Sponsored ADR/GDR
Scheme approved by the Foreign Investment Promotion Board.
h) earnings received as the
proceeds of life insurance policy settled in foreign currency.
Debits to the account shall
be allowed for current account as well as capital account transaction in
accordance with the FEMA (Current Account Transactions) Rules, 2000 and FEMA
(Permissible Capital Account Transactions) Regulations, 2000.
Authorised
Dealers may remit forex up to a reasonable limit, for making tour arrangements abroad,
provided they are satisfied that the remittance is made out of the forex
purchased in accordance with the Rules.
Authorised Dealers may effect
remittances at the request of agents in India who have tie-up arrangements with
hotels/ agents, etc., abroad for making tour arrangements for travel from
India, provided they are satisfied that the remittance is made out of the forex
purchased in accordance with the Rules.
Authorised
Dealer may open foreign currency accounts in the name of agents in India who
have tie up arrangements with hotels/ agents, etc., abroad for making tour
arrangements provided:-
a)
the credits to the account are by way of
depositing
i) collections made in forex
from travellers; and
ii) refunds received from outside
India on account of cancellation of bookings, and
b)
the
debits in foreign
exchange are for
making payments towards
hotel accommodation, tour arrangements, etc., outside India.
Authorised
Dealer may allow tour operators to remit the cost of rail/ road/ water
transportation outside India. The sale of ticket can be made either against Rupees
or in forex. The cost of tickets collected in Rupees need not be adjusted in
the entitlement of forex for private visit.
In respect of consolidated
tours for foreign tourists visiting India and neighbouring countries like Nepal,
Bangladesh, Sri Lanka, etc., part of the forex received, may require to be
remitted to these countries. Authorised Dealer may allow such remittances after
verifying that the amount does not exceed the amount actually remitted to India
and the beneficiary is not from Pakistan.
Payment in Rupees
Authorised
Dealers may accept cash upto Rs. 50,000/- against sale of forex. Wherever the amount
exceeds Rs.50,000, the payment must be received only by:
(i)
a crossed cheque drawn on the applicant’s bank
account, or
(ii)
a crossed cheque drawn on the bank account of
the firm/company sponsoring the visit of the applicant, or Banker’ s Cheque/
Pay Order/ Demand Draft or
(iii)
Debit/Credit/pre-paid cards provided
(a) KYC/AML guidelines are
complied with.
(b) Sale of foreign currency / TCs is within the limits
prescribed by the bank for the cards.
(c) The purchaser
of foreign currency / TCs and
the card holder is the same person.
Note: Where the amount exceeds Rs
50,000/-either for any single drawal or more than one drawal reckoned together
for a single journey/visit, it should be paid by cheque or draft.
Issue of Guarantee – Import
of service
AD Category-I banks are permitted to issue
guarantee upto USD 500,000 in favour of a non-resident service provider, on
behalf of a resident service importer, provided:
(a) The AD Category-I bank is
satisfied about the bonafides of the transaction.
(b) The AD Category-I bank
ensures submission of documentary evidence for import of services.
(c) The guarantee is to secure a
direct contractual liability arising out of a contract between a resident and a
non-resident.
In the case of a Public Sector Company or a
Department/ Undertaking of the Government of India/ State Governments, approval
from the Ministry of Finance would be required for issue of guarantee exceeding
USD 100,000.
In case of invocation of the
guarantee, the Authorised Dealer is required to submit a report on the
circumstances leading to the invocation, to RBI.
Liberalised
Remittance Scheme (LRS) of USD 2,50,000 for Resident individuals
Under
LRS, Authorised Dealers may allow remittances up to USD 2,50,000 per financial
year for any permitted current or capital account transactions.
In case of a minor, the LRS
declaration form must be countersigned by his natural guardian.
Remittances under the Scheme
can be consolidated in respect of family members subject to individual family
members complying with its terms and conditions.
Transactions which are not
permissible under FEMA and those in the nature of margins or margin calls to
overseas exchanges or counterparty are not allowed under the Scheme.
For acquiring and holding
shares or debt instruments or any other asset including immovable property
outside India without prior approval of the RBI.
The limit of USD 2,50,000
under the Scheme also includes remittances for current account transactions
available to resident individuals. If an individual remits any amount under the
LRS in a financial year, then the applicable limit would be reduced by the
amount so remitted.
For purchasing objects of art
subject to the provisions of other applicable laws.
For
remittance of funds for acquisition of ESOPs. This is in addition to
acquisition of ESOPs linked to ADR / GDR and acquisition of qualification
shares.
For investing in units of Mutual Funds, Venture
Capital Funds, unrated debt securities, promissory notes, etc. The resident can
also invest in such securities out of the bank account opened abroad under the
Scheme.
An individual who has availed
of a loan abroad while as a non-resident can repay the same on return to India
under the Scheme as a resident.
For
remittance in the form of a DD either in the remitter’s own name or in the name
of beneficiary with whom he intends putting through the permissible
transactions, against self-declaration in the format prescribed.
To set up Joint Ventures (JV)/ Wholly Owned
Subsidiaries (WOS) outside India for bonafides business activities within the
limit of USD 2,50,000 subject to FEMA
Notification No.263.
Individuals can maintain foreign
currency accounts with a bank outside India for making remittances under the
Scheme without prior approval of RBI. Such accounts may be used for putting
through transactions connected to remittances eligible under this Scheme.
Banks should not extend credit facilities to
facilitate capital account remittances under the Scheme.
The
scheme is not available for remittances prohibited under Schedule I or Schedule
II of Forex Management (Current Account Transaction) Rules, 2000.
The Scheme is not available
for capital account remittances to countries identified by FATF as
non-co-operative countries and territories.
For transactions under the
Scheme, residents may use Form A-2 and Application-cum-Declaration Form. It is
mandatory to have PAN number to make remittances under the Scheme.
Investor, who has remitted funds under LRS can
retain or reinvest the income earned on the investments.
AD Category – I banks are
required to furnish the information on remittances on a monthly basis, on or
before the fifth of the following month through Online Returns Filing System
(ORFS). Where there is no data to furnish, AD banks are advised to upload ‘nil’
figures in the ORFS system.
Resident
individual is permitted to lend to a close relative who is a NRI/ PIO, by way
of crossed cheque or electronic transfer subject to the following conditions:
(i) the loan is free of interest
and the minimum maturity of the loan is one year;
(ii) It would be the
responsibility of the lender to ensure that the amount of loan is within the LRS
limit of USD 2,50,000 during the financial year;
(iii) the loan shall be utilized
for meeting the borrower’s personal requirements or his own business in India.
(iv) the loan shall not be utilized
for:
a. The business of chit fund, or
b. Nidhi Company, or
c. Agricultural or plantation
activities or in real estate business, or construction of farm houses. Real
estate here shall not include development of townships, construction of
residential/ commercial premises, roads or bridges.
d. Trading in Transferable
Development Rights (TDRs).
(v) the loan amount should be
credited to the NRO a/c of the NRI / PIO;
(vi) the loan amount shall not be
remitted outside India; and
(vii) repayment of loan shall be by
way of inward remittances through normal banking channels or by debit to the NRO
/ NRE / FCNR account of the borrower or out of the sale proceeds of the shares
or securities or immovable property against which such loan was granted.
FEMA requires that any person desiring to
transact in forex should make a declaration to the AD that the transaction will
not be in contravention of the provisions of any rules or regulations in force.
Authorised Dealers are also
required to keep on record any information, on the basis of which the
transaction was undertaken. In case the applicant refuses to comply with any
such requirement, the Authorised Dealer shall refuse, in writing, to undertake
the transaction and shall report any contravention to the RBI.
All the facilities for
release of exchange for permitted current account transactions, have been
subsumed under the overall limit of USD 250,000. However, for emigration;
expenses in connection with medical treatment abroad and studies abroad,
individuals may avail of exchange facility for an amount in excess of the
overall limit prescribed under the LRS, if it is so required by a country of
emigration; medical institute offering treatment or the university
respectively.
The resident individuals shall be required to
fill up Form A2 and Application cum declaration for purchase of forex under LRS
of USD 250,000.
International Credit Cards
The
restrictions contained in Rule 5 of the Forex Management (Current Account
Transactions) Rules, 2000 will not be applicable for use of ICCs for payment
towards expenses, while on a visit abroad.
Residents can use ICCs on internet for any permitted
purpose, e.g. for import of books, purchase of downloadable software or import
of any other item permissible under Foreign Trade Policy.
ICCs cannot be used for purchase
of prohibited items, like lottery tickets, banned or proscribed magazines,
participation in sweepstakes, payment for call-back services, etc.
There is no aggregate monetary ceiling
separately prescribed for use of ICCs through internet.
Resident individuals maintaining foreign
currency accounts, are free to obtain ICCs issued by overseas banks and other
reputed agencies. The charges incurred against the card, can be met out of
funds held in such accounts or through remittances from India through a bank
where the card holder has a current or savings account. Such remittances should
be made directly to the card issuing agency, and not to a third party.
The applicable limit will be
the credit limit fixed by the card issuing banks. There is no monetary ceiling
fixed by the RBI for remittances under this facility.
Use of ICC for payment in forex in Nepal and
Bhutan is not permitted.
International Debit Cards
Banks
authorised to deal in forex are issuing International Debit Cards (IDCs) which
can be used for drawing cash or making payment overseas during visits abroad.
It is clarified that IDCs can be used only for permissible current account
transactions subject to limits prescribed from time to time.
Store Value Cards/ Charge
Cards/ Smart Cards, etc.
Certain A D Banks are also
issuing Store Value Card/ Charge Card/ Smart Card to residents traveling abroad,
which are used for making payments and for drawing cash from ATM terminals. No
prior permission from the RBI is required for issue of such cards. However, the
use of such cards is limited to permissible current account transactions and
subject to limits prescribed from time to time.
Redemption of unutilized
balance on prepaid travel cards:
Authorised Persons shall
redeem the unutilized balance outstanding in the cards immediately upon request
by the resident Indians to whom the cards are issued subject to retention of: -
a) The amounts that are
authorized and remain unclaimed/ not settled by the acquirers as of the date of
redemption till the completion of the respective settlement cycle;
b) A small balance not exceeding
US$ 100, for meeting any pipeline transactions till the completion of the
respective settlement cycle; and
c) Transaction fees / service
tax payable in India in Rupees.
For the amount that are authorized but
unclaimed/ not settled by the acquirer, the issuer of such cards can hold such
amounts until such transactions are processed/ settled by the acquirers within
the prescribed settlement timeframe.
Resident
individuals who are either employees or director of an Indian office or branch
of a foreign company in which foreign holding is not less than 51 per cent are
permitted to acquire foreign securities under ESOP Scheme without any monetary
limit. They are also permitted to freely sell the shares provided the proceeds are
repatriated to India.
Income- tax clearance
It shall be mandatory on the
part of Authorised Dealers to comply with the requirement of the tax laws, as
applicable.
Schedule I
Transactions which are Prohibited (see rule
3)
1. Remittance out of lottery
winnings.
2. Remittance of income from
racing/riding etc. or any other hobby.
3. Remittance for purchase of
lottery tickets, banned /proscribed magazines, football pools, sweepstakes,
etc.
4. Payment of commission on
exports made towards equity investment in Joint Ventures / Wholly Owned
Subsidiaries abroad of Indian companies.
5. Remittance of dividend by any
company to which the requirement of dividend balancing is applicable.
6. Payment of commission on
exports under Rupee State Credit Route, except commission up to 10% of invoice
value of exports of tea and tobacco.
7. Payment related to "Call
Back Services" of telephones.
8. Remittance of interest income
on funds held in Non-Resident Special Rupee (Account) Scheme.
Schedule
II
Transactions which require prior approval of the Central Government
(see Rule 4)
Purpose
|
Ministry
/ Department whose approval is required
|
1. Cultural Tours
|
Ministry of HRD, (Department of Education and Culture)
|
2. Advertisement in foreign print media, other than for promotion
of tourism, foreign investments and international bidding (over USD 10,000)
by a State Government and its Public Sector Undertakings
|
Ministry of Finance, (Department of Economic Affairs)
|
3. Remittance of freight of vessel chartered by a PSU
|
Ministry of Surface Transport, (Chartering Wing)
|
4. Payment of import through ocean transport by a Govt.
Department or a PSU on c.i.f. basis
|
Ministry of Surface Transport, (Chartering Wing)
|
5. Multi-modal transport operators making remittance to their
agents abroad
|
Registration Certificate from the Director General of Shipping
|
6. Remittance of hiring charges of transponders by
(a) TV Channels ; (b) Internet Service providers
|
Ministry of I&B; Ministry
of Communication and IT
|
7. Remittance of container detention charges exceeding the rate
prescribed by Director General of Shipping
|
Ministry of Surface Transport (Director General of Shipping)
|
8. omitted
|
|
9. Remittance of prize money/sponsorship of sports activity
abroad by a person other than International / National / State Level sports
bodies, if the amount involved exceeds USD 100,000.
|
Ministry of Human Resources Development (Department of Youth
Affairs and Sports)
|
10. Omitted
|
|
11. Remittance for membership of P&I Club
|
Ministry of Finance (Insurance Division)
|
(See
rule 5)
Facilities for individuals—
1. Individuals can avail of forex
facility for the following purposes within the limit of USD 2,50,000 only. Any remittance
in excess of the said limit shall require prior approval of the RBI of India.
(i)
Private visits to any country (except Nepal and
Bhutan).
(ii)
Gift or donation.
(iii) Going abroad for employment.
(iv) Emigration.
(v)
Maintenance of close relatives abroad.
(vi) Travel for business, or
attending a conference or specialised training or for meeting expenses for
meeting medical expenses, or check-up abroad, or for accompanying as attendant
to a patient going abroad for medical treatment/ check-up.
(vii) Expenses in connection with
medical treatment abroad.
(viii) Studies abroad.
(ix) Any other current account
transaction
provided that for a person
who is resident but not permanently resident in India and –
(b) is a citizen of India, who is
on deputation to the office or branch of a foreign company or subsidiary or
joint venture in India of such foreign company, may make remittance up to his
net salary (after deduction of taxes and other deductions).
Explanation: a person resident in
India on account of his employment or deputation of a specified duration or for
a specific job or assignments, the duration of which does not exceed three
years, is a resident but not permanently resident:
provided
also that a person other than an individual may also avail of forex facility,
mutatis mutandis, within the limit prescribed under the said Liberalised
Remittance Scheme for the purposes mentioned herein above.
Facilities for persons other than individual -
2.
The following remittances by persons other than individuals shall require prior
approval of the RBI of India.
(i) Donations exceeding one per
cent. of their forex earnings during the previous three financial years or USD
5,000,000, whichever is less, for-
(a) creation of Chairs in reputed
educational institutes,
(b) contribution to funds (not
being an investment fund) promoted by educational institutes;
(c) contribution to a technical
institution or body or association in the field of activity of the donor
Company.
(ii) Commission, per transaction,
to agents abroad for sale of residential flats or commercial plots in India
exceeding USD 25,000 or five percent of the inward remittance whichever is
more.
(iii) Remittances exceeding USD
10,000,000 per project for any consultancy services in respect of
infrastructure projects and USD 1,000,000 per project, for other consultancy
services procured from outside India.
(iv) Remittances exceeding 5% of
investment brought into India or USD 100,000 whichever is higher, by an entity
in India by way of reimbursement of pre-incorporation expenses.”
Procedure
The
procedure for drawal or remittance of any foreign exchange under this schedule
shall be the same as applicable for remitting any amount under the said
Liberalised Remittance Scheme.
____________________________________________________________________________
Based on the
Master Circular of 1/7/15.
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