The Liberalised Remittance Scheme is a facility available to all resident individuals making remittance up to USD 250,000 per financial year for permissible current or capital account transactions or a combination of both. It is mandatory to have a PAN number to make a remittance under this scheme.
For resident Indian - Up to USD 250,000 (or its equivalent) per financial year.
For foreign nationals - Up to the salary earned in India after deduction of taxes
For NRI customers – Up to the balance available in the NRE account and for NRO account up to USD 1 million or its equivalent, subject to limits as per source of funds:
Current income (rent, dividend, interest etc) – No limit
Capital assets (sale of assets, property, shares, gift from relatives etc.) – USD 1 million or it’s equivalent
Under LRS, remittances can be made for any permissible current account transactions (like Studies Abroad, Maintenance of relatives, Leisure Travel, Gift, Donation etc) or capital account transactions (like Investments in equity shares, debt instruments, immovable property etc) or combination of both.
Form A2 – Retail Outward Remittance Application
Supporting documents for the purpose of remittance (as applicable)
Supporting documents for source of funds (as applicable)
Form 15CA or 15CB as applicable for Non-LRS transactions
Under the Liberalised Remittance Scheme (LRS), all resident individuals are allowed to freely remit up to USD 250,000, per financial year.
Citizens of foreign countries, having an ICICI Bank Salary Account, can transfer their salary earned in India, to any country abroad. Note: Copy of passport, visa and proof of salary will be required.
An NRI may remit an amount up to USD 1 million, per financial year, from the balance held in their ICICI Bank NRO Account (subject to the limits applicable as per the source of funds).
Note: Additional documents may be required for different purposes and source of funds
Convera UK Limited is an overseas non-bank cross-border payments company registered in England and Wales. They have multiple entities across the globe who have partnered with universities, colleges & schools to provide students, parents & sponsors a smart, simple & secure way to pay their fees online.
ICICI Bank is one of the payment channel partner of Convera to pay education fees to the universities/colleges overseas. For More Information Click here.
