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Reserve Bank of India on Thursday said individualscan also use their foreign exchange remittances under Liberalised Remittances Scheme (LRS)to buy immovable property abroad.
The LRS allows residents to acquire and hold shares, debtinstruments or other assets outside India without priorapproval of the RBI.
Encouraged by an improvement in the forex market, theReserve Bank on June 3 had raised annual overseas investmentceiling for individuals to $125,000 from $75,000.
“Banks have been allowed to remit up to $125,000 perfinancial year, under the Scheme, for any permitted current or
capital account transaction or a combination of both. Further,it is clarified that the Scheme can now be used foracquisition of immovable property outside India,” an RBInotification said.
The RBI had in August last year reduced the ceiling from$200,000 to $75,000 per person in a financial year under
the Liberalised Remittance Scheme (LRS) in view of theworsening current account deficit and a volatile rupee.
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