301(E) dated March 30, 2001 and GSR.608(E) dated September 13, 2004 as amended from time to time. Accordingly, under the Scheme, any resident individual, if he so desires, may remit the entire limit of USD 50,000 in one financial year as gift to a person residing outside India or as donation to a charitable/educational/ religious/cultural organization outside India. A person coming into India from abroad can bring with him foreign exchange without any limit. How much foreign exchange is available to a person going abroad on employment? Banks including those not having operational presence in India are required to obtain prior approval from Reserve Bank for soliciting deposits for their foreign/overseas branches or for acting as agents for overseas mutual funds or any other foreign financial services company. Residents may book their tickets in India for their visit to any third country. Investment by resident individual in overseas companies is subsumed under the Scheme of USD 50,000. Dutch financial major ING Group is understood to have sold.7 per cent. Is there any time frame for a traveler who has returned to India is required to surrender foreign exchange?
If an investment of USD 50,000 rises in value within the year, can one book profits and invest abroad again? The ceiling of USD 10,000 is applicable in aggregate and foreign exchange may be obtained for one or more than one visit provided the aggregate foreign exchange availed of in one financial year does not exceed the prescribed ceiling of USD 10,000 The facility forex cad pln was. Who is eligible to avail of this Liberalized Remittance Facility? This facility is available for making remittance/s for any permissible current or capital account transaction or a combination of both. The applicants should have maintained the bank account with the bank for a minimum period of one year prior to the remittance. The facility is available to resident individuals only. Can an individual send remittance under the Scheme to any country? Individuals are free to use this Scheme to acquire and hold immovable property, shares or any other asset outside India without prior approval of Reserve Bank. Are intermediaries expected to seek specific approval for making overseas investments available to clients? The term Person Resident Outside India is defined in the Act as a person who is not a person resident in India.