Now, onto the Liberalized Remittance Scheme (LRS). A remittance is basically any money sent overseas by an individual. You could have an inward remittance - where money is sent to India from abroad. And you have outward remittances - where money is earned in India, and then sent out of t...
The Liberalised Remittance Scheme is what enables parents to send money to their child studying abroad. This scheme is available to any resident individual (adult or minor). You can send up to $2,50,000 abroad in each financial year. The LRS is unavailable to corporates, partnership firms,...
Such remittances under the LRS can be consolidated in respect of relative(s), if such relatives, being person(s) resident in India, comply with the terms and conditions of the Scheme. 4.2 Family Members – Clubbing A resident cannot gift to another resident, in foreign currency for the credi...