Closure of INR deposits & liquid cash to be taken abroad.

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V R PREMCHANDRAN

Others

91 Points Joined April 2015

If I get PR Status/ Citizenship of a foreign country, can I take out all money of mine held in Banks/Financial institutions as "RESIDENT DEPOSITS", to the foreign country in the currency of my choice? Is it permitted? If so what procedure/ papers I have to file with the respective authorities in India?

Replies (1)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

208190 Points Joined July 2016

Under the Liberalised Remittance Scheme, all resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of both.