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April 2012

A.P. (DIR Series) Circular No. 90, dated 6-3- 2012 — Clarification — Liberalised remittance scheme for resident individuals.

By Gaurang Gandhi, Chartered Accountant
Reading Time 1 mins
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With regards to the Liberalised Remittance Scheme (LRS), this Circular clarifies that:

(i) This facility is available to all resident individuals including minors. Where the remitter is a minor, the LRS declaration form should be countersigned by the minor’s natural guardian.

(ii) Remittances under LRS can be consolidated in respect of family members. However, individual family members must comply with the terms and conditions of the scheme.

(iii) Remittances under LRS can, subject to provisions of other applicable laws, be used for purchasing objects of art.

The modified LRS application-cum-declaration form is also annexed to this Circular.

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