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July 2014

A. P. (DIR Series) Circular No. 138 dated 3rd June, 2014

By Gaurang Gandhi Chartered Accountant
Reading Time 1 mins
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Liberalised Remittance Scheme (LR S) for resident individuals-Increase in the limit from $ 75,000 to $ 125,000

Presently, under the LRS an individual resident in India can remit up to $ 75,000 or its equivalent per financial year for any permitted current or capital account transaction or a combination of both.

This circular has increased the said limit from $ 75,000 per financial year to $ 125,000 per financial year. As a result, an individual resident in India can remit up to $ 125,000 or its equivalent per financial year for any permitted current or capital account transaction or a combination of both. However, remittance under the scheme cannot be made for any prohibited or illegal activities such as margin trading, lottery, etc.

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