Mr. A , a NRI, is relative of Mr.B , India Resident.
Mr. A wants to remit money in USD to Mr. B. Is there any limit to the amount he can send to Mr. B under FEMA act or other relevant act.
Also, can Mr. B , in any way, invest on behalf of Mr. A in India the amount that is sent.
for what purpose does A wants to remti money to B. there are different limits for different types of remittances. E.g. for donations, gifts, business journery etc.. there are various types of limits that either require approval of the Cent Govt or the RBI.
I would like to know in two cases.
1)as a gift
2)for investment, relative being an intermediary (if doing so is possible)
If possible, please quote the section number of the act.
If gift exceeds USD5000 per F.Y. then approval of RBI is required.
Thanks.
It will be appreciated if you will refer me to some link about such limit for information purpose.
CAclubindia
