The Reserve Bank of India governs the Liberalized Remittance Scheme in India to monitor foreign exchange transactions in India. Specific guidelines are laid out to carry out each foreign exchange transaction that adheres to RBI regulations and laws. Here are some of the popular outward remittance types from India to abroad and the documents required. Let’s have a look at it for further understanding.
Outward remittances, Fund transfer limits, and Documents Required
1. Study Abroad
All Resident individuals can send money abroad for education purposes from India. They can transfer around USD 250,000 per financial year. Documents required for the same are;
● Retail Outward Remittance Application – A2 cum LRS Declaration
● PAN card copy
● Offer letter from the university
2. Employment
All Resident individuals can send money abroad for employment purposes from India for which, they can transfer around USD 250,000 per financial year. Documents required are;
● Retail Outward Remittance Application – A2 cum LRS Declaration
● PAN card copy
● Other documents as instructed by your service provider
3. Emigration
All Resident individuals can send money abroad for emigration purposes from India. For this, they can transfer within the overall limit of USD 250,000 per financial year.
However, individuals may avail of an exchange facility for an amount over the overall limit prescribed under the LRS. In case if a country requires payment for emigration, submission of proof of estimate by the government of emigration. Documents required for this are as below;
● Retail Outward Remittance Application – A2 cum LRS Declaration
● PAN card copy
● Visa
● Air ticket etc.
4. Family Maintenance
All Resident individuals can send money abroad for family maintenance from India. For education, they can transfer around USD 250,000 per financial year.
Reserve Bank of India defines a person as a “Close relative” of another if they are:
- Members of a Hindu Undivided Family OR
- Husband and wife OR
- One is related to the other as follows:
- Father (including step-father)
- Mother (including step-mother)
- Son (including step-son)
- Son’s wife
- Daughter
- Daughter’s husband
- Brother (including step-brother)
- Sister (including step-sister)
Documents required for transactions under family maintenance are as below;
● Retail Outward Remittance Application – A2 cum LRS Declaration
● PAN card copy
● Visa of the beneficiary
● Passport of the beneficiary
● Other valid ID of remitter with address
● Relationship proof, etc
I hope you would have got a drift of the ways mentioned above to send money abroad from India and the documents required. Now have a hassle-free remittance by keeping all the necessary records ready before processing your transaction.
