How much money can be remitted from India?

Short Answer

Remittance plays a huge role in Indian economy as India is the highest receiver of remittance. In 2020, India received USD 83 Dollar as remittance. Therefore, the maximum amount of money that can be remitted from India is USD 2,50,000.

Detailed Answer

Remittance from India to abroad are made on a regular basis and Reserve bank of India (RBI) has a particular set of rules for the same. It is essential for the individuals who transfer money to know all the rules laid on how much money can be transferred, etc.

Amount of money that can be transferred:

Person residents' foreign exchange laws are drafted under FEMA- Foreign Exchange Management Act in the Liberalized Remittance Scheme (LRS).

It is essential for the individual who is transferring money to have a PAN- Permanent Account Number card. This would be to guarantee that a citizen does not exceed the LRS cap of USD 2,50,000 in a fiscal term. This cap can be used once or several times in a single transaction.

This scheme does not concern to any business firms, corporations, trusts, lottery, etc.

The two main requirements for making transfers are:

  1. KYC documents
  1. Reason for making the transaction.
Tagged With: remittancemoneyabroadmoney transfereconomy
Categories: Finance
Ask your query and our expert community would be happy to help
Discussion (0)
Related FAQs

How much money can NRI transfer to India in one year?

There is no limit on the amount that can be transferred to India by NRIs. There are certain criteria for being an NRI so it is important to check whether you are considered to be NRI or not. For further details, read through the details ahead.

What are tax implications on money transfer from USA to India?

To understand the tax implications for sending money, it is important to know where the individual is sending the money and for what purpose. As these implications depends on these factors and plays a huge role.

How much money can you gift tax free to a family member tax free in India?

There is no limitations on the amount of money that can be gift tax free to a family member in India. But, it is essential to check rules and regulations for whom does the clauses apply and whether all kinds of gifts are allowed or not.

How much money can we keep in savings account in India?

Savings bank account is one of the most popular banking services. There is no maximum amount of money that needs to be maintained. A person is liable to keep any amount of money in the savings bank account.

How much money do I need to start Stock Trading in India?

Its all based on the share you wish to purchase. You can invest one rupee or two rupees in the stock market while there is no maximum cap on your investment.

How much money do you need to open a savings bank account in India?

To open a savings bank account in a private bank, you will have to make an initial deposit of around Rs 5,000 to Rs 10,000. However, there are some public-sector banks and other online banks where you can open your account without any deposit and get all the banking facilities.

How much money is required to open a Demat account in India?

Many Indian brokers allow you to open your Demat account for free, whereas some charge a nominal fee of Rs 200 to Rs 500. Although there are some recurring charges that you have to bear such as annual maintenance charges, Demat charges, etc.

Is Remittance of US Income taxable in India?

Paying double the taxes if you live abroad and in India makes no sense. However, if you're living in the US and moved to India and staying for more than 182 days, you will be liable for taxes in India a swell. however, under the DTAA agreement, users get some benefits on tax reductions.

Is NRI money taxable in India?

NRI money is taxable in India under certain circumstances usually when the income is earned in India. There are also many deductions and exemptions available. For further details read the long form with description.

Where to invest money for good returns in India? High Return Investments

We all look to earn good returns on the money we invest. Putting money in High return investments is one way of generating better income. The different places to get good returns are mutual funds, equity, and gold investment in India.