FEMA relaxed to acquire Real Estate outside India

By Accommodation Times News Services

rbiReserve Bank of India (RBI) has issued guidelines regarding the Liberalised Remittance Scheme (LRS) for Resident Individuals a scheme to relax Foreign Exchange Management Act (FEMA). Bank has increased the limit to USD 125,000 per financial year from USD 75,000.

The circular A.P. (DIR Series) No. 5 was issued dated 17.07.2014, according to it banks have been allowed to remit up to USD125,000 per financial year, under the Scheme, for any permitted current or capital account transaction or a combination of both. Further, it is clarified that the Scheme can now be used for acquisition of immovable property outside India.

The circular is as below:

 





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