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RBI Guidelines

FEMA limits

As per RBI guidelines, the limit for sending money abroad under the Liberalised Remittance Scheme (where purposes such as Travel, Education, Medical Fee payment, Visa Fees etc.) is USD 250,000 per financial year as follows:


Liberalised Remittances Scheme

S0304 Payment of Medical Fees S0305 Payment of Education Fees S1109 Visa Fees/Emigration S1301 Family Maintenance
USD 250,000
Please be informed the limit of USD 250,000 per financial year is for a combination of the following purposes that has been subsumed under LRS. These are as follows:

  • Private visits to any country
  • Gifts or donation
  • Employment abroad
  • Emigration
  • Family Maintenance
  • Travel for Business, conferences etc.
  • Medical Expenses
  • Studies Abroad
  • Any other current account transaction
  • Your total limit for all the above purposes is under the Liberalised Remittance Scheme for a limit of USD 250,000 per financial year. This includes other transactions that you have initiated through any other channel/bank.

Definition – NRI & PIO

Non-Resident Indian (NRI) means a person resident outside India who is a citizen of India. Person of Indian Origin (PIO) means a citizen of any country other than Bangladesh or Pakistan who had (a) at any time held Indian passport or (b) he or either of his parents or any of his grandparents was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 or (c) the person is a spouse of an Indian citizen or a person referred to in (a) or (b).

Definition - Resident Individual
Foreign Exchange Management Act, 1999, SECTION 2(v) provides that a person residing in India for more than 182 days during the preceding financial year is a person resident in India.

Further it states in case a person comes to India for:

  • Taking up employment.
  • For carrying on business or vocation or
  • For any other purpose-if the circumstances show that he has an intention to stay in India for an uncertain period, he will be considered as resident in India for such financial year.
Prohibited Transactions
  • Remittance for any purpose specifically prohibited under Schedule-I (like purchase of lottery tickets/sweep stakes, proscribed magazines, etc.) or any item restricted under Schedule II of Foreign Exchange Management (Current Account Transactions) Rules, 2000.
  • Remittance from India for margins or margin calls to overseas exchanges / overseas counterparty.
  • Remittances for purchase of FCCBs issued by Indian companies in the overseas secondary market.
  • Remittance for trading in foreign exchange abroad.
  • Capital account remittances, directly or indirectly to countries identified by the Financial Action Task Force (FATF) as “non- cooperative countries and territories”, from time to time.
  • Remittances directly or indirectly to those individuals and entities identified as posing significant risk of committing acts of terrorism as advised separately by the Reserve Bank to the banks.

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