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 Private visits
    Purchase of property abroad Gift/donation
    Making investments abroad Going abroad on employment
    Setting up Wholly Owned Subsidiaries and Joint Ventures (with effect from August 05, 2013) outside India Emigration
    Loans in Indian Rupees to Non-resident Indians (NRIs) Maintenance of close relatives abroad
    Business trip
    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 Indian relatives
  • Travel – Remittance to a travel house/company
  • Gift – Gift to Non-Indian resident
  • 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 in the BTQ (Basic Travel Quota) limit.

(*Not applicable for accounts where PAN is not updated)