Foreign exchange upto USD.10,000/- in any calendar year for tourism or private travel to any country other than Nepal and Bhutan on the basis of self-certification. For travel to Nepal and Bhutan Indian currency can be taken without limit except Indian currency notes of denominations of Rs.500/- and above.
Foreign exchange upto USD.100,000/- on the basis of self-certification. For students the limit of USD.100,000/- is applicable for each academic year. For medical treatment in addition to USD.100,000.00 foreign exchange upto USD.25,000.00 can be taken for meeting boarding / lodging / travel expenses of the patient and also the accompanying attendant on self-certification. Amounts in excess of the limits can be released on basis of documentary evidence of requirement.
Making payment in foreign exchange for purchase of books and other items through Internet.
Residents holding a foreign currency account in India or with a bank overseas are also free to obtain ICCs issued by overseas banks and other reputed agencies.
Remittance for Miscellaneous Purposes upto USD.5000.00
Remittances can be made upto USD.5000/- for any miscellaneous purpose, without the production of any document.
Gifts and Donations
Gifts / donations can be made to anybody upto USD.5,000/- every year per remitter on self-certification.
Other Current Account Transactions
Foreign exchanges can be freely drawn for all other bonafide current account transactions (other than those, which are restricted or are subject to specific limits) on production of documentary evidence to the satisfaction of the Authorised Dealer.
Surrender of Foreign Exchange on Return
Foreign exchange upto USD.2,000.00 in the form of foreign currency notes or travellers' cheques (TCs) can be retained indefinitely for future use. Amounts in excess of USD.2,000/- have to be surrendered to a bank within 90 days and TCs within 180 days of return or credited to RFC (D) account. Foreign coins can be retained indefinitely without any limit.
Resident Foreign Currency (Domestic) Account
Residents can open Resident Foreign Currency (Domestic) Account with a bank in India for crediting:
Foreign exchange earnings received, through banking channel, as honorarium, consultancy, royalty, for any services or towards exports of goods.
RFC (D) accounts are NOT interest bearing and there is no ceiling on the balances that can be built up in these accounts. The balances held in these accounts can be used for any purpose for which foreign exchange can be bought from a bank in India.
ESOP Scheme
A resident individual, who is an employee or a director of an Indian office or branch of a foreign company or of a subsidiary of a foreign company or of an India company in which the foreign equity holding is not less that 51 per cent, can make remittances for the acquisition of foreign securities under Employees Stock Option (ESOP) Scheme without any monetary limit. The scheme is subject to the condition that the shares are offered at a concessional price.
Portfolio Investment - Overseas
Resident individuals can invest without any monetary limit in equity and debt instruments of overseas companies listed on a recognised stock exchange which have the shareholding of at least 10 per cent in an Indian company listed on a recognised stock exchange in India (as on 1st January of the year of the investment)
Receipt of dis-investment proceeds / Sponsored ADRs / GDRs
Resident shareholders of Indian companies, who offer their shares for conversion of ADRs/GDRs under the Scheme of Sponsored ADRs/GDRs can receive the sale proceeds in foreign currency or credit it to their RFC (D) Account.
Purchase of air tickets
Residents may book tickets in India for their visit to any third country sector e.g. London / New York through domestic / foreign airlines.
Export of goods (Gifts)
Export of goods by way of gift is permissible subject to the declaration by exporter that the goods are not more than Rs.500,000/- in value per annum (earlier the limit was Rs.1,00,000 p.a.)
Remittance for securing health insurance from companies abroad:
The residents now do not require Government’s approval to secure health insurance from companies abroad.
Remittance by artiste:
Prior approval of RBI is not required by artistes eg.: Wrestlers, Dancers, Entertainer, etc. for remittances abroad.
Commission to Agents abroad for sale of residential flats/Commercial Plots in India:
Residents now can remit up to USD25000 or 5 per cent of the inward remittance (whichever is higher) to agents abroad towards their commission for sale of residential flats/commercial plots in India.
Remittance for advertisement on foreign Television Channels:
Residents now can effect remittances for advertisement on foreign Television Channels, without RBI approval.
Short Term Credit to Overseas Offices of Indian Companies:
Short Term Credit to Overseas Offices of Indian Companies now does not require RBI’s approval.
Remittance for use or purchase of trademark/franchise in India:
RBI’s prior approval will not be required for remitting towards the use of trademark/franchise in India. However, RBI’s prior approval will continue to be required for remittances towards purchase of trademark and franchise.
Remittance of Royalty and Payment of lumpsum fee
RBI has allowed remittances for royalty and payment of lumpsum fee provided the payments are in conformity with the norms as per item no.8 of Schedule II (FEMA 2000) i.e., royalty does not exceed 5% on local sales and 8% on exports and lumpsum payment does not exceed USD 2 mio.
Remittance of Hiring Charges of Transponders
The proposal for hiring of transponders by Television Channels and Internet Service Providers will require prior approval of the Ministry of Information and Broadcasting.
Liberalized Remittance Scheme for Residents:
Resident individuals are eligible to avail this facility under which they can remit upto USD25,000.00 per calendar year for any current or capital account transactions or a combinations of both.
Under this scheme, resident individuals will be free to,
1. acquire immovable property, or shares or any other asset,
2. open/maintain foreign currency accounts for making remittances towards transactions connected with this scheme,
without RBI approval.
The facility is in addition to those schemes available for private travel, business travel, gift, donations, studies, medical treatment, etc.
However, the following remittances will not be allowed under this scheme:
1. Remittances under Sch I (purchase of lottery/sweep stakes, tickets, prescribed magazines, etc.)
2. Remittances to Bhutan, Nepal, Mauritius and Pakistan
3. Remittances to countries identified as “Non-Cooperative countries and territories “ as declared by FATF.
4. Remittances to those individuals or entities identified as posing significant risk of committing acts of terrorism, as advised by RBI.
The resident individual will have to designate a branch of an Authorised Dealer for remittances under this scheme, and he/she should be maintaining a bank account with the Bank for a minimum period of 1 year prior to availing this remittance facility.
Under Liberalized Remittances Scheme for RESIDENTS, individuals can remit up to USD 25,000/- p.a. for any current or capital account transactions or combination of both.
