Single AD Branch in Liberalised Remittance Scheme
This query is : Resolved
27 September 2021
The provisions of the Liberalised Remittance Scheme (LRS) mention that "Resident Individual needs to designate a single branch of an AD through which all the remittances under LRS will be undertaken. NOC is required if remittances are from different banks.".
Does that mean that one can transfer funds to other country for his/her children's education purpose/fees only through one particular bank and cannot do so through any other bank/service even if the other alternative is found to be better or more convenient at a later stage?
OR one can transfer funds from any of his/her various bank accounts as long has the individual is maintaining the LRS limit ?
Does that mean that one can transfer funds to other country for his/her children's education purpose/fees only through one particular bank and cannot do so through any other bank/service even if the other alternative is found to be better or more convenient at a later stage?
OR one can transfer funds from any of his/her various bank accounts as long has the individual is maintaining the LRS limit ?
27 September 2021
Yes, you should stick to the same bank branch for all your LRS remittances for particular year. If needed to change, you are required to get permission from RBI.
27 September 2021
Thank you Sir for your reply. However, as far as I could understand from the relevant information available on RBI Website, the restriction to carry out all LRS remittances from a single AD branch pertains to capital transactions and NOT to current transactions like student's fees/ educational expenses.
Kindly clarify the requirement of sticking to a single AD branch for current transactions of this kind.
Regards
Kindly clarify the requirement of sticking to a single AD branch for current transactions of this kind.
Regards
27 September 2021
Yes, you are correct.
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