International Fund Transfer

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International Fund Transfer Forex Guidelines

There are certain Forex Guidelines for Sending Money Abroad which has been listed here. The Forex guidelines include knowing the purposes of remittance that have been subsumed. The list below tells you in details about our liberalized remittance scheme. If you have further queries, then please feel free to contact us at Axis Bank and get you doubts answered.

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Liberalised Remittance Scheme

The following purposes of remittance have been subsumed under the Liberalised Remittance Scheme for a limit of USD 250,000 per Financial Year.

Private visits to any country except Nepal and Bhutan

Gifts or Donations

Employment abroad

Emigration

Family Maintenance

Travel for business, conference, etc.

Medical Expenses

Studies abroad

Any other current account transaction

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This scheme is applicable for all Resident Individuals including minors

It is mandatory for all Resident Individuals to register their PAN with the bank for successful Outward Remittance transactions

Remittances under the scheme can be consolidated in respect of family members subject to individual family members complying with its terms and conditions

Remittances under the scheme are allowed only in respect of permissible current or capital account or a combination of both

Resident Individuals are free to acquire and hold shares or debt instruments or any other asset including immovable property outside India without prior approval from RBI

This limit is also applicable for Current Account transactions available to Resident Individuals

Remittances under the scheme can be used for purchasing objects of art subject to the provisions of other applicable laws

A resident individual can also invest in Mutual Funds, Capital Funds, unrated debt securities, promissory notes etc. under this scheme. He can also invest in securities out of the bank account opened abroad under the same

This scheme also includes repayment of loans that has been availed abroad while as a non-resident upon return to India under this scheme

The scheme can be used for Outward Remittance in the form of a Demand Draft in the resident individual’s own name or in the name of the beneficiary with whom he intends putting through the permissible transactions at the time of private visit abroad, against self-declaration of the remitter in the prescribed format

With effect from August 2013, this scheme can be used by Resident individuals to set up Joint Ventures or wholly owned subsidiaries outside India for bonafides business activities subject to applicable laws

Individuals can open, maintain and hold foreign currency accounts with a bank outside India for making remittances under the scheme without prior approval from RBI

This scheme is not available for capital account remittances to countries identified by Financial Action Task force

Investor who has remitted funds under LRS can retain and reinvest the income earned on the investments

Resident Individual can also lend to a Non-Resident/Person of Indian Origin/Close Relatives upon filling certain conditions

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Mahesh is a Non Resident Indian (NRI) living in the UK. He is doing well in the business that he set up there....

International Fund Transfer Forex Guidelines

Efficient Transfers

Remit 100+ Currencies

Competitive Rates

Additional Benefits

Liberalised Remittance Scheme

Check scheme highlights

Various accounts that ensure
ease of operation for you

Important Links

Form Centre

Related Links

Open Access Blog

NRE or NRO – Which Account Best Suits Your Needs?

Related Products for you

ForeignCurrencyCash

Multi-Currency Forex Card

International Fund Transfer

DinersCard

International Fund Transfer Forex Guidelines

Efficient Transfers

Remit 100+ Currencies

Competitive Rates

Additional Benefits

Liberalised Remittance Scheme

Check scheme highlights

Various accounts that ensure ease of operation for you

Important Links

Form Centre

Related Links

Open Access Blog

NRE or NRO – Which Account Best Suits Your Needs?

Related Products for you

ForeignCurrencyCash

Multi-Currency Forex Card

International Fund Transfer

DinersCard

Various accounts that ensure
ease of operation for you