RBI Removes Limit on the Amount of Remittance via Online Submission of Form A2
- News|Blog|FEMA & Banking|
- < 1 minute
- By Chetan Kulasri
- |
- Last Updated on 5 July, 2024
Latest from Taxmann
Circular No. RBI/2024-25/46 A.P. (DIR Series) Circular No. 12; Dated: 03.07.2024
Earlier, remittances that did not require any documentation, such as certain transactions under the Liberalised Remittance Scheme (LRS), could be made using only Form A2. Additionally, online submissions were limited to transactions up to USD 25,000 for individuals and USD 100,000 for corporates.
Now, to improve the ease of doing business, the Reserve Bank of India (RBI) has decided to allow all Authorised Dealers (AD Category-I banks and AD Category-II entities) to facilitate remittances based on the online or physical submission of Form A2 and any necessary documents. There will be no limit on the amount that can be remitted using the ‘online’ Form A2.
Click Here To Read The Full Circular
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
CA | CS | CMA
