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