India: Forex remittance rules

India’s Foreign Exchange Management Act 1999 regulates the remittance of funds or foreign currencies from India. However, individuals resident in India are allowed to remit funds abroad in the following cases:

Business trips to any country other than Nepal or Bhutan: upto USD 25,000.

Medical treatment abroad: upto USD 100,000.

Studies abroad: USD 100,000 per academic year.

Liberalised Remittance Scheme: up to USD 200,000 per financial year per person for whatever purpose.

Therefore resident Indians seeking to invest abroad may now do so under the Liberalised Remittance Scheme which allows members of a family (including minor children) to aggregate their investments. There is no restriction on the types of foreign investments which may be in overseas bank accounts, equities, bonds, mutual funds or even in real estate.

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India: Forex remittance rules

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