June 22, 2018

FEMA - Liberalised Remittance Scheme - Harmonisation of Data and Definitions

RBI has, vide the attached circular dated June 19, 2018, provided that furnishing of PAN shall now be mandatory for making all remittances under Liberalised Remittance Scheme (LRS), even for putting through permissible current account transactions of up to USD 25,000.
Further, in the context of remittances allowed under LRS for maintenance of close relatives, the definition of ‘relative’ has been aligned with the definition given in Companies Act, 2013.
For any details and clarifications, please feel free to write to:
Ms. Sargam Marwaha[email protected]