{"id":16397,"date":"2021-11-10T04:46:31","date_gmt":"2021-11-10T04:46:31","guid":{"rendered":"https:\/\/www.unimoni.in\/blog\/?p=16397"},"modified":"2021-11-24T07:29:18","modified_gmt":"2021-11-24T07:29:18","slug":"remittance-schemes-and-documentation-for-resident-indians","status":"publish","type":"post","link":"https:\/\/www.unimoni.in\/blog\/remittance-schemes-and-documentation-for-resident-indians\/","title":{"rendered":"Remittance Schemes and Documentation for Resident Indians"},"content":{"rendered":"<style><\/style><p><span data-preserver-spaces=\"true\">The Reserve Bank of India governs the Liberalized Remittance Scheme in India to monitor <a href=\"https:\/\/www.unimoni.in\/international-money-transfer\/\">foreign exchange<\/a> 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\u2019s have a look at it for further understanding.<\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">Outward remittances, Fund transfer limits, and Documents Required<\/span><\/strong><\/h2>\n<h4>1. <a href=\"https:\/\/www.unimoni.in\/overseas-education\/\"><span data-preserver-spaces=\"true\">Study Abroad<\/span><\/a><\/h4>\n<p><span data-preserver-spaces=\"true\">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;<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u25cf Retail Outward Remittance Application \u2013 A2 cum LRS Declaration<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u25cf PAN card copy<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u25cf Offer letter from the university<\/span><\/p>\n<h4><span data-preserver-spaces=\"true\">2. Employment<\/span><\/h4>\n<p><span data-preserver-spaces=\"true\">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;<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u25cf Retail Outward Remittance Application \u2013 A2 cum LRS Declaration<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u25cf PAN card copy<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u25cf Other documents as instructed by your service provider<\/span><\/p>\n<h4><span data-preserver-spaces=\"true\">3. <a href=\"https:\/\/www.unimoni.in\/emigration\/\">Emigration<\/a><\/span><\/h4>\n<p><span data-preserver-spaces=\"true\">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.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">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;<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u25cf Retail Outward Remittance Application \u2013 A2 cum LRS Declaration<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u25cf PAN card copy<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u25cf Visa<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u25cf Air ticket etc.<\/span><\/p>\n<h4><span data-preserver-spaces=\"true\">4. <a href=\"https:\/\/www.unimoni.in\/family-maintenance\/\">Family Maintenance<\/a><\/span><\/h4>\n<p><span data-preserver-spaces=\"true\">All Resident individuals can send money abroad for family maintenance from India. For education, they can transfer around USD 250,000 per financial year.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Reserve Bank of India defines a person as a \u201cClose relative\u201d of another if they are:<\/span><\/p>\n<ol>\n<li><span data-preserver-spaces=\"true\">Members of a Hindu Undivided Family OR<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Husband and wife OR<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">One is related to the other as follows:<\/span>\n<ol>\n<li class=\"ql-indent-1\"><span data-preserver-spaces=\"true\">Father (including step-father)<\/span><\/li>\n<li class=\"ql-indent-1\"><span data-preserver-spaces=\"true\">Mother (including step-mother)<\/span><\/li>\n<li class=\"ql-indent-1\"><span data-preserver-spaces=\"true\">Son (including step-son)<\/span><\/li>\n<li class=\"ql-indent-1\"><span data-preserver-spaces=\"true\">Son\u2019s wife<\/span><\/li>\n<li class=\"ql-indent-1\"><span data-preserver-spaces=\"true\">Daughter<\/span><\/li>\n<li class=\"ql-indent-1\"><span data-preserver-spaces=\"true\">Daughter\u2019s husband<\/span><\/li>\n<li class=\"ql-indent-1\"><span data-preserver-spaces=\"true\">Brother (including step-brother)<\/span><\/li>\n<li class=\"ql-indent-1\"><span data-preserver-spaces=\"true\">Sister (including step-sister)<\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p><span data-preserver-spaces=\"true\">Documents required for transactions under family maintenance are as below;<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u25cf Retail Outward Remittance Application \u2013 A2 cum LRS Declaration<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u25cf PAN card copy<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u25cf Visa of the beneficiary<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u25cf Passport of the beneficiary<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u25cf Other valid ID of remitter with address<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u25cf Relationship proof, etc<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">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.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&#8230;.<\/p>\n","protected":false},"author":3,"featured_media":16401,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[41,55,1],"tags":[64,56,184],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Remittance Schemes and Documentation for Resident Indians | Unimoni.in<\/title>\n<meta name=\"description\" content=\"Get to know what is remittance schemes and documentation for resident Indians. 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