No time to visit your close relative staying abroad in Christmas or not even on the eve of New Year then here is the perfect way to surprise him with a gift that he will cherish lifelong.
Remit money to your close relative staying abroad for a reason to remember!!
- Remit money as a gift or gift him a ticket to his favorite tourist destination
- Your close relative staying abroad is a shopping freak then remit money as a gift for Dubai Shopping Festival 2021.
- Contribute to your friend staying abroad for admission or education is yet another great way
- For the paying fees in university or college for the education
- Remit to a close relative staying abroad for his medication or even hospitalisation
How do I send money to a close relative staying abroad?
Make your loved ones feel your presence by sending a perfect gift, no matter where they are! The best means to send money abroad to close relatives is through Swift or FCDD. Swift is the electronic method of transferring funds directly to the person/ beneficiary’s bank account. FCDD or Foreign Currency Demand Draft is an instrument in the form of physical paper that can be taken along with you or sent through post to the concerned beneficiary residing overseas. Every transaction that deals with money are often made with utmost care hence it is most reliable to send money overseas only through authorized channels that have their license with the Reserve Bank of India.
HOW MUCH CAN I SEND A GIFT TO MY RELATIVE ABROAD?
- Send a remittance up to USD 250,000 per financial year to your Indian close relative staying abroad
Scheme of LRS for Resident Individuals to Remit Money Abroad
- As per LRS, Indian residents are permitted to remit prescribed amount per every financial year outside India for all allowable capital account transactions, without any prior approval from RBI.
- LRS or otherwise known as Liberalised Remittance Scheme is available for all resident individuals including minors. Limit can be integrated for whole family.
- For making transactions under this Scheme, resident individuals must use the application-cum-Declaration Form.
- It is mandatory to have PAN number to make remittances under the LRS Scheme.
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.
- PAN card
- A bank/AD2 Category Foreign Exchange dealer should be chosen for remittances.
Happiness doesn’t result from what you get, but from what you give! Now make it a new normal by giving them the choice to select their own gift. Once the celebration is on, connect with them through video call and get to know how they have invested your booty. Make your gift stand out and your relations will be stronger than ever!
