Primary Reasons ALLOWED use the Liberalized Remittance Scheme as listed by the R.B.I |
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1. Private visits to any country (except Nepal and Bhutan) |
2. Gift or donation |
3. Going abroad for employment |
4. Emigration |
5. Maintenance of close relatives abroad |
6. Travel for business, or attending a conference or specialized training or for meeting expenses for meeting medical expenses, or check-up abroad, or for accompanying as attendant to a patient going abroad for medical treatment/ check-up |
7. Expenses in connection with medical treatment abroad |
8. Studies abroad |
9. Any other current account transaction which is not covered under the definition of the current account in FEMA 1999 |
Prohibited Items under the Scheme |
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1. 1. Remittance for items prohibited under Schedule-I : purchase of lottery tickets/sweep stakes, proscribed magazines etc. |
2. Remittance for purchase of FCCBs in the overseas market. (FCCB – Foreign Currency Convertible Bond) |
3. Remittance for trading in foreign exchange. |
4. Remittance for any capital account remittance to countries identified as “non-cooperative countries and territories” by the Financial Action Task Force, at that time |
5. Direct/indirect remittances to individuals/entities who pose significant risks of committing terrorist acts. This is under separate advise by the RBI to the authorized banks. |