The Liberalized Remittance Scheme is a facility provided by the RBI for all resident individuals including minors for remittance up to USD 250,000 or equivalent per financial year for permissible current or capital account transactions or a combination of both. This facility will not be available to corporate, partnership firms, HUF, Trusts, etc.

Resident of India can do an Outward Remittance transaction.

Below remittances can be carried out through RemitX as per the Liberalized Remittance Scheme:

Student Remittances:

1. University Fee Payments
2. Overseas Education – GIC, GBA
3. Living expenses/ Accommodation payments

Other Remittances:

1. Private Visits to any country (except Nepal and Bhutan)
2. Emigration
3. Examination Fees
4. Visa fees
5. Fee for participation in global conferences and specialized training
6. Remittance for participation in international events / competitions (towards training, sponsorship, and prize money)
7. Employment and processing, assessment fees for overseas job applications,
8. Medical Treatment abroad
9. Any other current account transaction which is not covered under the definition of current account in FEMA 1999

RemitX charges a nominal fee of Rs. 250 for every remittance transaction.

Nostro bank charges are fee/charges levied by the Nostro bank of the sending bank for effecting the remittances. You will have to select if the sender (remitter) or the beneficiary will bear the charges. If remitter is selected additional charges will be collected else, if beneficiary is selected the final amount will be less the Nostro bank charges

Swift Copy refers to a document that acts as a confirmation of payment made from your bank and informs the beneficiary of the value date of the transaction. Once the remittance is completed, a copy of SWIFT/ Debit Advice will be mailed to your registered email ID.

Yes, you will have to submit your self-attested transactional KYC documents physically. Our service executive will collect the documents from your residence/office address. This will also be applicable to customers who have done their Video KYC through the RemitX App.

No, third party payments are not allowed by RBI for outward remittance transactions. Payment can only be done by the following:

1. Self
2. Spouse
3. Father or Step Father
4. Mother or Step Mother
5. Son and step son
6. Son's Wife
7. Daughter
8. Daughter's husband
9. Brother or Step brother
10. Sister or Step Sister

*For certain transactions, only payments from customer’s own account will be accepted. Furthermore, individuals should only use their savings bank account to purchase foreign exchange.

There are no restrictions on the frequency of remittances under LRS. However, the total amount of foreign exchange purchased from or remitted through, all sources in India during a financial year should be within the cumulative limit of USD 2,50,000.

Once a remittance is made for an amount up to USD 2,50,000 during the financial year, a resident individual would not be eligible to make any further remittances under this scheme, even if the proceeds of the investments have been brought back into the country.

For remittances pertaining to permissible AD II transactions, the customer has to furnish Form A-2 along with supporting documents (ID/Address proof) regarding the purpose of the remittance and declare that the funds belong to him and will not be used for purposes prohibited or regulated under the Scheme

Any Indian resident can remit up to USD 2,50,000 or equivalent in one financial year as a gift to a person residing outside India or as donation to a charitable/educational / religious /cultural organization outside India. Remittances exceeding the limit require prior permission from the Reserve Bank.

Yes, foreign exchange for students planning to study abroad can take foreign currency in all forms except currency where a limit of USD 3000 applies. Pre-paid cards can be re-loaded by students’ parents / guardians at any time (In Workings hours and Working days).

A direct remittance service to the institute you are getting enrolled in can also be done through RemitX.

In general, foreign exchange entitlement comes under USD 2,50,000 per financial year (If not consumed any part of it in any other purpose stated under LRS). Remittances exceeding USD 2,50,000 will be allowed based on the estimate received from the institute abroad.

Yes, it is mandatory for the resident individual to provide his/her Permanent Account Number (PAN) for all transactions under LRS made through Authorized Persons.

The remittances can be made in any freely convertible foreign currency. In case you are not able to find the currency in our list, you are requested to send email to wecare@remitx.com and we shall assist you on the same.

Money can be sent abroad through the following modes:

• Wire Transfer
• Foreign Currency Demand Drafts

By using the RemitX App or by visiting any of our branches and submitting the needed forms/documents with beneficiary and transaction details, you can make an outward remittance.

Resident Individuals are allowed to send Outward Remittances under Liberalized Remittance Scheme (LRS) up to USD 2,50,000 or equivalent per financial year for any permissible current account transactions.