Hello,
I have a query about remitting funds from an Indian bank account to USA.
Under the Liberalised Remittance Scheme, a Resident Indian is allowed to transfer the equivalent of $250,000 per year.
However, a foreign national employed in India is allowed to transfer the amount earned in India.
As an OCI living and working in India for several years, which of the two limits would apply?
My banker, CA have differing opinions.
Please share your views.
Thanks.
CAclubindia
