All you need to know about LRS
What is LRS?
- Liberalized Remittance Scheme (LRS) facilitates resident individuals to remit up to USD 2,50,000 or its equivalent abroad per Financial Year (April-March) for permitted current or capital account transactions or combination of both.
- Under LRS, you can spend money in foreign countries for education, purchase of assets like shares and property, tourism, medical treatment and more. You can also spend for maintenance of relatives living abroad, gifts and donations. You can open and maintain foreign currency accounts with overseas banks for carrying out transactions.
Permitted transactions -
|Capital account transactions
||Current account transactions
|Opening of foreign currency account abroad with a bank
|Purchase of property abroad
|Making investments abroad
||Going abroad on employment
|Setting up Wholly Owned Subsidiaries and Joint Ventures (with effect from August 05, 2013) outside India
|Loans in Indian Rupees to Non-resident Indians (NRIs) who are relatives as defined in Companies Act, 2013
||Maintenance of close relatives abroad
||Medical treatment abroad
||Facilities available to students for pursuing their studies abroad
Facilitating remittances under LRS –
Citibank Branch –
You can walk into your nearest Citibank India branch and submit a request for remittances under LRS.
You can facilitate LRS remittances/transactions through:
- Overseas Wire transfer (outward remittances),
- Foreign Currency Demand Draft,
- Foreign Currency Cash,
- Loans to an NRI relative# (INR amount remitted to NRO account of the relative)
(# ‘relative’ as defined in Section 2(77) of the Companies Act, 2013)
Citibank Online (CBOL) -
With Citibank Online, you can place a request to remit funds from anywhere at your comfort. Remit up to USD 25,000 equivalent per transaction for the below purposes:
- Education – Payments to school/college/university
- Maintenance of close relatives – Remittance to Non-resident Indians (NRIs) who are relatives as defined in Companies Act, 2013
- Travel – Remittance to a travel house/company
- Gift – Gift to Non- resident Indians(NRIs) who are relatives as defined in Companies Act, 2013
- Medical – Remittance to hospital/lab
Click here to know more about the online International remittance through Citibank Online
Login now to initiate International funds transfer
For Debit Card Users:
For International cash withdrawals and point-of-sale transactions, your card is by default* set to a limit of USD 10,000 equivalent.
(*Not applicable for accounts where PAN is not updated)