Under the Liberalised Remittance Scheme (LRS), a resident individual can buy or send up to USD 2,50,000 in a financial year (April to March) for permitted current and capital account purposes.
What counts
- Forex for travel — notes and forex card loads.
- Transfers for education, medical treatment, family maintenance and gifts.
- Investments abroad, overseas tour packages and other permitted purposes.
The limit is per person, across every bank and money changer together — so tell us about forex you have already bought this year. Each transaction is declared on Form A2.
Minors
A minor also has the LRS limit; the parent or guardian signs Form A2.
Not allowed under LRS
- Lottery, betting, gambling and sweepstakes.
- Margin or leveraged trading on overseas exchanges.
- Payments to countries or entities named as non-cooperative or under sanctions.
TCS
TCS is collected once your LRS total crosses ₹10 lakh in the year — read TCS on foreign travel and remittance.