Friday, February 4, 2011

Liberalised Remittance Scheme of USD 75,000 for Resident Individuals


Under this Scheme, Authorised Dealers may freely allow remittances by resident individuals up to USD 75,000 per financial year (April-March) for any permitted current or capital account transactions or a combination of both.
·         The facility is available to all resident individuals including minors.
·         Remittances under the facility can be consolidated in respect of family members subject to individual family members complying with the terms and conditions of the Scheme.
·         Remittances under the Scheme are allowed only in respect of permissible current or capital account transactions or a combination of both. All other transactions which are otherwise not permissible under FEMA and those in the nature of remittance for margins or margin calls to overseas exchanges / overseas counter party are not allowed under the Scheme.
·         Resident individuals are free to acquire and hold immovable property or shares (of listed companies or otherwise) or debt instruments or any other asset outside India without prior approval of the Reserve Bank.
·           The limits of USD 75,000 under the Scheme also include remittances towards gift and donation by a resident individual.
·         Remittances under the Scheme can be used for purchasing objects of art subject to the provisions of other applicable laws such as the extant Foreign Trade Policy of the Government of India.
·         The Scheme can also be used for remittance of funds for acquisition of ESOPs. The Scheme is in addition to acquisition of ESOPs linked to ADR / GDR and acquisition of qualification shares.
·         A resident individual can invest in units of Mutual Funds, Venture Capital Funds, unrated debt securities, promissory notes, etc. under this Scheme. Further, the resident can 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.
·         The Scheme can be used for outward remittance in the form of a DD either in the resident individual’s own name or in the name of beneficiary with whom he intends putting through the permissible transactions at the time of private visit abroad, against self declaration of the remitter in the format prescribed.
·         Individuals can also open, maintain and hold foreign currency accounts with a bank outside India for making remittances under the Scheme without prior approval of the Reserve Bank. The foreign currency accounts may be used for putting through all transactions connected with or arising from remittances eligible under this Scheme.
·         Banks should not extend any kind of credit facilities to resident individuals to facilitate remittances under the Scheme.
·         The scheme is not available for remittances for any purpose specifically prohibited under Schedule I or any item restricted under Schedule II of Foreign Exchange Management (Current Account Transaction) Rules, 2000.
·          The facility is not available for making remittances 

Precautions to be undertaken while making an application under this scheme:

All resident individuals are eligible to avail of the facility under the USD  75,000 scheme. However it is mandatory to have a PAN number to make a remittance under this scheme, and your account with any commercial bank in India must be at least 1 year old. This facility will not be available to corporate, partnership firms, HUF, Trusts, etc. Also, remittance cannot be done from any loan/overdraft account.

 It is also not permtted for remittance being made directly or indirectly to Nepal, Bhutan, Mauritius or Bhutan or to any country identified as a non-co-operative country by the Financial Action Task Force (http://www.fatf-gafi.org). Further, remittance for any payments in the nature of margin calls including for trading in foreign exchange are not permitted.

Further Clarification:

1.The facility is available to all resident individuals including minors. In case of remitter being a minor, the LRS declaration form should be countersigned by the minor’s natural guardian. Accordingly, the modified LRS application cum declaration form is enclosed;


ii. Remittances under the facility can be consolidated in respect of family members subject to individual family members complying with the terms and conditions of the scheme; and
 
iii. Remittances under the scheme can be used for purchasing objects of art subject to the provisions of other applicable laws such as the extant Foreign Trade Policy of the Government of India.

RBI/2011-12/430 March 06, 2012-A.P. (DIR Series) Circular No. 90

Investment in both Listed and unlisted shares are permitted now.

 In terms of the extant FEMA provisions LRS can be used to acquire both listed and unlisted shares of an overseas company. The Master Circular dated July 1, 2013 has been suitably modified.

Instances where more than $75000 per FY is allowed :

As per the current guidelines of LRS, only gift and donation (from the list of items under Schedule III to FEM CAT Rules, 2000), by a resident individual have been subsumed under the LRS limit. For all other purposes such as educational and medical expenses the limits of LRS and Schedule III to FEM CAT Rules 2000 are separate, distinct, mutually exclusive and over and above each other respectively.

In this context, it may be noted that under the extant guidelines under FEMA the following remittances can be made over and above the annual limit of USD 75000 permissible under LRS:

  1. A resident individual can make remittances for meeting expenses for medical treatment abroad up to the estimate from a doctor in India or hospital/ doctor abroad  under general permission (without any RBI approval – Para 9 of Schedule III to FEM CAT Rules, 2000, as amended from time to time).
  2. A resident individual can make remittances up to USD 25,000 for maintenance expenses of a patient going abroad for medical treatment or check-up abroad or for accompanying as attendant to a patient going abroad for medical treatment/ check-up (without any RBI approval – Para 8 of Schedule III to FEM CAT Rules, 2000, as amended from time to time).
  3. A resident individual can make remittances for studies up to the estimates from the institutions abroad or USD 100,000, whichever is higher (without any RBI approval – Para 10 of Schedule III to FEM CAT Rules, 2000, as amended from time to time). This is over and above the remittance limit of USD 75,000 which can be made under the LRS route for the same.
  4. A resident individual can also make all other remittances (other than donation and gifts) as stipulated under Schedules III to FEM CAT Rules, 2000, as amended from time to time. 
  5. A resident individual can also carry out other permissible current account transactions (transactions which are not explicitly prohibited under Schedule I, or restricted under Schedules II and III, to FEM CAT Rules, 2000, as amended from time to time) without any limits through an AD Bank in India subject to the AD bank verifying the bonafides of the transaction (para 6 to Annex 1 of ADMA Circular No.11 dated May 16, 2000).

 
Therefore notwithstanding the revised guidelines and reduction in the LRS limit these guidelines do not affect genuine transactions. 
 
Acquiring Immovable Property Abroad

Resident individuals are permitted to make remittances for acquiring immovable property within the annual limit of USD 75000 for already contracted cases, i.e. only for those contracts which were entered into on or before the date of the circular, i.e., August 14, 2013, subject to satisfaction of the genuineness of the transactions by the AD bank. Such cases should be immediately reported post facto to the Reserve Bank of India by the A D banks.


RBI/2013-14/222
A.P. (DIR Series) Circular No.32 dated 4th September 2013

R.V.Seckar

rvsekar2007@gmail.com

919848915177

17 comments:

  1. Dear Visitor,

    If you need any further info or clarification on the subject , please revert to me in the following email id:

    rvsekar2007@gmail.com

    Regards

    R.V.Seckar

    ReplyDelete
  2. RBI guideline, under questions and answers, item Q 19 states that if the invested amount and the profits are returned to India, the investor cannot invest again. Does it mean that the investor cannot re-invest again in the same year or is the investor de-barred for life. Or can he invest in the next financial year ? . Please clarify. Thanks reynoldfoulds@gmail.com

    ReplyDelete
  3. Hello Sir/Ma

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  5. We are Providers of all types of BG and SBLC with the best workable procedures. Our BG/SBLC ranges from MT799, MT760,(Both two way confirmation), MT103/23, MT103 (Both can be one way confirmation and two way confirmation) in USD and EUROS. Issuing Bank ranges from Top world 25 banks with face value ranging from 1M EUROS/USD to 10B EUROS/USD

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  6. BUPA FINANCE PLC is a group of company with funding experts and mandate to a finance and investment Company who is a premier provider of trade finance and project finance instruments as well as discountable bank instruments.

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  7. PROJECT FUNDING AND BANKING INSTRUMENT SUCH AS {BG, SBLC, SKR, MTN, LOAN} FOR LEASE AND PURCHASE

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    ReplyDelete
  8. PROJECT FUNDING AND BANKING INSTRUMENT SUCH AS {BG, SBLC, SKR, MTN, LOAN} FOR LEASE AND PURCHASE

    We offer certified and verifiable bank instruments via Swift Transmission from a genuine provider capable of taking up time bound transactions. We deliver with time and precision as set forth in the agreement. You are at liberty to engage our leased facilities into trade programs as well as in signature project(s) such as Aviation, Agriculture, Petroleum, Telecommunication, construction of Dams, Bridges and any other turnkey project(s) etc.

    CONTACT:
    Rudolf Christian,(DIRECTOR)
    Email: projectfunding.uk.rudolf@gmail.com
    SKype: cid.defcc488b5af0d20

    DESCRIPTION OF INSTRUMENTS:
    1. Instrument: Bank Guarantee (BG/SBLC) (Appendix A)
    2. Total Face Value: Eur 5M MIN and Eur 10B MAX (Ten Billion USD) .
    3. Issuing Bank: HSBC Bank London, Credit Suisse and Deutsche Bank Frankfurt.
    4. Age: One Year, One Month
    5. Leasing Price: 3% of Face Value plus 2% commission fees to brokers.
    6. Delivery: Bank to Bank swift.
    7. Payment: MT-103 or MT760
    8. Hard Copy: Bonded Courier within 7 banking days.

    The Leased Instruments includes: BG s, Insurance Guarantees, MTN, ( SBLC) Standby Letters of Credit and Third Party Guarantees such as a standby forward commitment to purchase or a standby loan. If you are a potential Investor or Principle looking to raise capital, we will be happy to answer any questions that you have about this opportunity and to provide you with all the details regarding this services.

    Our BG/ SBLC Financing can help you get your project funded, loan financing, please let me know if you are interested in any of our services, by providing you with yearly renewable leased bank instruments. We work directly with issuing bank lease providers, this Instrument can be monetized on your behalf for 100% funding.


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    We are ready to close leasing with any interested client in few banking days, if interested do not hesitate to contact me direct.


    Regards
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    Email: projectfunding.uk.rudolf@gmail.com
    SKype: cid.defcc488b5af0d20

    ReplyDelete
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  10. GENUINE BANK GUARANTEE (BG) AND STANDBY LETTER OF CREDIT (SBLC) FOR BUY/LEASE
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    We offer certified and verifiable bank instruments via Swift Transmission from a genuine provider capable
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    MINIMUM FACE VALUE OF BG/SBLC = EUR/USD 1M
    LEASING FEE = 4%+2%

    FOR PURCHASE OF FRESH CUT BG/SBLC
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    ReplyDelete
  11. We are Providers of all types of BG and SBLC with the best workable procedures. Our BG/SBLC ranges from MT799, MT760,(Both two way confirmation), MT103/23, MT103 (Both can be one way confirmation and two way confirmation) in USD and EUROS. Issuing Bank ranges from Top world 25 banks with face value ranging from 1M EUROS/USD to 10B EUROS/USD

    BROKERS ARE WELCOME & 100% PROTECTED!!!
    Intermediaries/Consultants/Brokers are welcome to bring their clients and cases to our attention and in complete confidence we will work together for the benefits of all parties involve.

    Our BG/SBLC Financing can help you get your project funded, loan financing, please let me know if you are interested in any of our services, by providing you with yearly renewable leased bank instruments. We work directly with issuing bank lease providers, this Instrument can be monetized on your behalf for 100% funding.

    We are ready to close leasing with any interested client in few banking days, if interested do not hesitate to contact me direct. [via Contact Form Below]

    Regards

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    ReplyDelete
  12. GENUINE BANK GUARANTEE (BG) AND STANDBY LETTER OF CREDIT (SBLC) FOR BUY/LEASE
    AT THE BEST RATES AVAILABLE

    We offer certified and verifiable bank instruments via Swift Transmission from a genuine provider capable
    of taking up time bound transactions.

    FOR LEASING OF BG/SBLC
    MINIMUM FACE VALUE OF BG/SBLC = EUR/USD 1M
    LEASING FEE = 4%+2%

    FOR PURCHASE OF FRESH CUT BG/SBLC
    PRICE = 32%+2%
    MINIMUM FACE VALUE OF BG/SBLC = EUR/USD 1M

    Our BG/SBLC Financing can help you get your project funded, loan financing by providing you with yearly. RWA ready to close leasing with any interested client in few banking days

    Name : Scott james

    Email : inquiry.securedfunding@gmail.com
    Skype : Inquiry.securedfunding@gmail.com

    ReplyDelete
  13. GENUINE BANK GUARANTEE (BG) AND STANDBY LETTER OF CREDIT (SBLC) FOR BUY/LEASE
    AT THE BEST RATES AVAILABLE

    We offer certified and verifiable bank instruments via Swift Transmission from a genuine provider capable
    of taking up time bound transactions.

    FOR LEASING OF BG/SBLC
    MINIMUM FACE VALUE OF BG/SBLC = EUR/USD 1M
    LEASING FEE = 4%+2%

    FOR PURCHASE OF FRESH CUT BG/SBLC
    PRICE = 32%+2%
    MINIMUM FACE VALUE OF BG/SBLC = EUR/USD 1M

    Our BG/SBLC Financing can help you get your project funded, loan financing by providing you with yearly. RWA ready to close leasing with any interested client in few banking days

    Name : Scott james

    Email : inquiry.securedfunding@gmail.com
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    ReplyDelete
  14. (BG) AND STANDBY LETTER OF CREDIT (SBLC) FOR BUY OR LEASE AT THE BEST AVAILABLE RATES
    Dear Sir/Ma,
    We offer certified and verifiable financial bank instruments via Swift Transmission from a genuine provider capable
    of taking up time bound transactions.
    FOR LEASING OF BG/SBLC
    MINIMUM FACE VALUE OF BG/SBLC = EUR/USD 1M
    LEASING FEE = 4%+2%
    FOR PURCHASE OF FRESH CUT BG/SBLC
    PRICE = 32%+2%
    MINIMUM FACE VALUE OF BG/SBLC = EUR/USD 1M
    Our BG/SBLC Financing can help you get your project funded,
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    RWA ready to close leasing with any interested client in few banking days
    I will be glad to share with you our working procedures.
    Name : Scott james
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    Skype : Inquiry.securedfunding@gmail.com

    ReplyDelete
  15. GENUINE BANK GUARANTEE (BG) AND STANDBY LETTER OF CREDIT (SBLC) FOR BUY OR LEASE AT THE BEST AVAILABLE RATES
    We offer certified and verifiable financial bank instruments via Swift Transmission from a genuine provider capable
    of taking up time bound transactions.
    FOR LEASING OF BG/SBLC
    MINIMUM FACE VALUE OF BG/SBLC = EUR/USD 1M
    LEASING FEE = 4%+2%
    FOR PURCHASE OF FRESH CUT BG/SBLC
    MINIMUM FACE VALUE OF BG/SBLC = EUR/USD 1M
    PRICE = 32%+2%
    Our BG/SBLC Financing can help you get your project funded,
    loan financing by providing you with yearly.
    RWA ready to close leasing with any interested client in few banking days
    I will be glad to share with you our working procedures.
    Name : scott james
    Email : inquiry.securedfunding@gmail.com
    Skype : inquiry.securedfunding@gmail.com

    ReplyDelete
  16. GENUINE BANK GUARANTEE(BG) LETTER OF CREDIT(LC) BUSINESS LOAN AND STANDBY LETTER OF CREDIT (SBLC)

    AT THE BEST RATES AVAILABLE


    We offer certified and verifiable bank instruments via Swift Transmission from a genuine provider capable of taking up time bound transactions.



    FOR LEASING OF BG/SBLC

    MINIMUM FACE VALUE OF BG/SBLC = EUR/USD 1M-10B

    LEASING FEE = 4%+2%



    FOR PURCHASE OF FRESH CUT BG/SBLC

    PRICE = 32%+2%

    MINIMUM FACE VALUE OF BG/SBLC = EUR/USD 1M-10B



    MONETIZATION LTV 80%

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