Liberalised Remittance Scheme (LRS) for resident individuals
RBI vide A.P.(DIR Series) Circular No. 138 dated June 3, 2014, has enhanced the existing limit of USD 75,000 per financial year (April-March) in respect of the Liberalised Remittance Scheme for resident individuals to USD 125,000 per financial year (April-March). Accordingly, AD Category – I banks have been allowed to remit up to USD 125,000 per financial year, under the Scheme, for any permitted current or capital account transaction or a combination of both.
It is further clarified vide Circular No. 5 dated July 17, 2014 that the Scheme can now be used for acquisition of immovable property outside India.