Liberalized Remittance Scheme (LRS) is an option where all resident individuals (as defined under FEMA 1999), which includes minors, are allowed to freely remit up to USD 2,50,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of both. ● Under the LRS, currently, the upper limit…
Pay tuition fees abroad from India? Enrolling in a foreign college or university to pursue your higher education is a remarkable milestone. You must have dedicated quite some time to clearing the exam to get into a college or university. The payment process differs from college to college. To maintain the authenticity of the phase,…
Have you lately inherited property in India and are looking for ways to transfer the inherited money to the USA? If it includes two different countries, taxation can be a complicated issue. Hence, it is necessary to know the tax laws of both countries to transfer the inherited money to the U.S. from India. Tax…
ACCOUNT Summer is winding down, and thousands of students across the country are headed off overseas to their college for the first time. So, opening a student bank account should be at the top of your financial to-do list. In case you have not done it already, it is pertinent to know the basics of…
Before 2004, remitting funds to overseas countries for emergencies was a challenging and time-consuming process. Prior approval from the Reserve Bank of India was mandatory for executing remittance transactions those days. After realizing the importance of remittances across countries, RBI introduced Liberalized Remittance Scheme on February 4, 2004. Through this article, you can understand more…
Are there any things to Know When Carrying Money From India Abroad? Of course, there are some things to Know When Carrying Money From India Abroad. More than 20 million people have travelled from India to abroad this year. A good portion of this number constitutes business travellers. And suppose you are a person who…
