Overview
Send money abroad for reasons more than one: Education, Medical treatment, Gifts to loved ones, Maintenance for your close Relative or donate for a cause upto a limit of USD 250,000 per financial year.
Our extensive network gives you the reach to all parts of the world.
You can send money abroad by visit any IndusInd Bank Forex Enabled branch or transfer online by visiting indusforex.indusind.com
Eligible Purposes for Outward Remittances
- Basic Travel Quota (BTQ)
- Business Travel
- Education
- Employment
- Immigration
- Medical
- Visas fees
- Purchase of Property Overseas
- Opening of overseas account
- Investment in Shares / MF overseas
- Any other valid purpose covered under RBI LRS Scheme
Available Currencies
- United States Dollars (USD)
- Great Britain Pounds (GBP)
- Euro (EUR)
- Australian Dollars (AUD)
- Canadian dollars (CAD)
- New Zealand Dollars (NZD)
- Arab Emirates Dirham (AED)
- Swiss Franc (CHF)
- Danish Krone (DKK)
- Hong Kong Dollar (HKD)
- Japanese Yen (JPY)
- Norwegian Krone (NOK)
- Saudi Riyals (SAR)
- Swedish Krone (SEK)
- Singapore Dollars (SGD)
- South African Rand (ZAR)
Regulations / Rules
Limit of USD 2,50,000* or it’s equivalent per financial year is applicable for the below mentioned purposes of travel:
- Private Visit (Leisure Travel)
- Employment
- Accompanying patient abroad
- Business Travel from Individual/ Proprietorship account
- Education
- Emigration
- Medical Treatment/ Person who has fallen sick after going abroad
*The overall limit available for an individual, under Liberalised Remittance Scheme for Resident Individuals (LRS) is USD 2,50,000 per financial year and the other limits as per Schedule III pertaining to travel, business, medical, education, immigration, etc have been subsumed under the LRS limit (within the overall limit of USD 2,50,000 per financial year). Hence the limit is the combined limit available for various purposes and products.
Please note that any remittance exceeding USD 2,50,000 should be as per RBI guidelines.
FAQs for Outward Remittance
What is an Outward Remittance?
An Outward Remittance is a transfer of money in foreign exchange, by a resident in India or an NRI to a beneficiary situated within or outside the country (except for Nepal and Bhutan) for a purpose as approved under FEMA (Foreign Exchange Management Act). You may send money abroad to a beneficiary for various purposes including education, employment abroad, emigration, maintenance of close relatives, foreign travel, gifts, medical treatment, donations, etc.
What is the limit for individual residents for availing Forex?
Any resident individual who wants to buy / remit foreign exchange, under Liberalised Remittance Scheme (LRS) can avail forex upto a limit of USD 250,000 per financial year. This limit is available for an individual for both Current Account and Capital Account transactions put together under LRS.
Is Pan Number mandatory to avail for Foreign Exchange?
Yes, it is mandatory for the resident individual to provide his/her Permanent Account Number (PAN) for all transactions under LRS. This is applicable for IBL and Non-IBL Customers.
What are the purpose for which Outward Remittance can be done?
Purposes for which Outward Remittances can be done for
- Basic Travel Quota (BTQ)
- Business Travel
- Education
- Employment
- Immigration
- Medical
- Fee
- Purchase of Property Overseas
- Opening of overseas account
- Investment in Shares / MF overseas
- Any other valid purpose covered under Retail Forex
What is the process for making an outward remittance from my NRO account from IndusInd Bank branch?
For making an outward remittance from your NRO account, please walk into any IndusInd Bank branch in India and initiate the outward remittance by filling up APPLICATION FOR REMITTANCE ABROAD FORM specifying the necessary details. In addition to this, you have to provide documentary proof of the source of the funds sought to be remitted and C.A. Certificate in Form 15CA and 15CB.
The formats and submission details are available at the website of the Income Tax Department.