The Reserve Bank of India has issued a circular A.P.(DIR Series) No. 5 dated 17.07.2014 to liberalise the remittance scheme for the resident individuals from USD 75,000 to USD 1,25,000 per financial year.
According , now the permission has been granted to remit up to USD 1,25,000 per financial year, under the scheme for any permitted capital or current account transaction or a combination of both.Further, it is clarified that the scheme can now be also extended to for acquisition of immovable property outside India.
The circular containing the full details can also be viewed below.
