Whether your friends and family are abroad?
Does this pandemic separate you from your dear ones?
Is it difficult for you to stretch your hands of help at their financial requisites?
Stop worrying…here is your perfect guide for your friends and family to remit money abroad!
It is true that the growing pandemic that took hold of the entire world has created a big trauma among the relationships between you and your beloved ones across the globe. Your friends and family abroad might face lots of difficulties during this challenging time and it is difficult for you to always physically be present with them to help with their difficulties. Even though you can’t always be with your loved ones, you can still stay connected!
And do you know how?!
Since your dear ones are abroad, there are still numerous things, that can be done to care for each other even when there is a lot of physical distance between you. Whenever they face any financial emergencies you can send money from any part of the world by approaching an authorized dealer. But while you opt to remit money overseas, there are a number of things you have to take note of for having a hassle less transaction. Take a glance thru the major points to keep in mind while you remit money abroad…
How much amount can be sent through outward remittance for helping your beloved ones abroad?
The whole remittance amount under LRS is $250,000.
What are the major purposes of remitting money abroad?
- Education purpose
- Medical Expenses Abroad
- Maintenance of a Close Relative Abroad
What are the situations for external remittance for more funds?
The LRS limit can be exceeded with the approval of RBI on the submission of authorized papers proving the need for extra monetary necessities.
- All outward remittances made as gifts or aids are included in the purvey of LRS and cannot be reported for as a single remittance.
- For expenses related to education (studies abroad), a person may be permitted to avail further than their limit of $250,000 under LRS if it is so vital by the university or institute providing the course.
- If an individual sends an amount under LRS in a fiscal year, then the updated limit for that person would be dropped from $250,000 by the sent amount.
- In the case of the sender being a minor, the minor’s natural guardian must sign the LRS declaration form.
What are the documents required to remit money abroad under LRS?
- Submission of a self-declaration form describing the purpose of your remittance.
- For education and medical treatment, a subsequent document stating the purpose other than self-declaration should also be provided.
- It is compulsory to provide a remitter PAN card to make money transfers under the scheme.
- A bank/AD2 Category Foreign Exchange dealer should be chosen for remittances.
So now, leave your worries about the new changes and the growing pandemic and get ready to help your dear ones wherever they are and wherever you are….
