For private visits abroad, any resident can obtain foreign exchange up to USD 2,50,000 or equivalent in one financial year under the Liberalised Remittance Scheme (LRS) , irrespective of the number of visits undertaken during the Financial Year.
As per RBI – Individuals can avail of foreign exchange facility for the following purposes under Liberalised Remittance Scheme (LRS) limit of USD 2,50,000 equivalent in an financial year
The Liberalised Remittance Scheme (LRS) lays down the guidelines for outward remittances from India. It is part of the Foreign Exchange Management Act (FEMA) 1999 by the Reserve Bank of India (RBI). Under the LRS, the upper limit of remittance is $2,50,000 per financial year
- Private visits to any country (except Nepal and Bhutan)
- Gift or donation
- Going abroad for employment
- Maintenance of close relatives abroad
- Travel for business, or attending a conference or specialised training or for meeting expenses for meeting medical expenses, or check-up abroad, or for accompanying as attendant to a patient going abroad for medical treatment/ check-up
- Expenses in connection with medical treatment abroad
- Studies abroad
- Any other current account transaction which is not covered under the definition of current account in FEMA 1999.