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September 2014

A. P. (DIR Series) Circular No. 19 dated 11th August, 2014

By Gaurang Gandhi Chartered Accountant
Reading Time 1 mins
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Liberalised Remittance Scheme for resident individuals-clarification

This circular states that banks are no longer required to report remittances under the Liberalised Remittance Scheme (LRS) for acquisition of immovable property outside India because as per A.P. (DIR Series) Circular No. 5 dated 17th July, 2014 facility under LRS can be used for acquisition of immovable property outside India.

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