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Outward Remittance also known as Telegraphic transfer/Transfer/Wire Transfer/Swift Transfer is the fastest and the most convenient way to send money to a beneficiary account anywhere in the world*.
Be it education fees, living expenses, or family maintenance, sending money abroad to your friends and family will be just few clicks away. You can do that with any of the 15 currencies (as mentioned below) making money transfer easier and more accessible.
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AED - UAE Dirhams | AUD - Australian Dollars |
CAD - Canadian Dollars | CHF - Swiss Franc |
DKK - Danish Krone | EUR – Euro |
GBP - UK Pounds | HKD - Hong Kong Dollars |
JPY - Japanese Yen | NZD - New Zealand Dollars |
SAR - Saudi Arabian Riyal | SEK - Swedish Krone |
SGD - Singapore Dollars | USD - US Dollars |
ZAR – South African Rand |
What is LRS?
Under LRS (Liberalised Remittance Schemes), all resident individuals (including minors) are allowed to remit up to USD 250,000 per financial year (April-March) for any permissible current or capital account transaction, or a combination of both.
Under the Liberalised Remittance Scheme (LRS), all resident individuals (as defined under FEMA 1999), 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.
Under the Liberalised Remittance Scheme (LRS), all resident individuals (as defined under FEMA 1999), 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.
It is mandatory for the resident individual to provide his/her Permanent Account Number (PAN) for all transactions under LRS.
TCS on foreign remittance under LRS is effective on any remittance transaction under LRS on or after 1st October, 2020.
The tax will be applicable on all remittance(s) that fall under the LRS of RBI.
All remittances more than Rs. 7 lakhs in a financial year done under the LRS will be liable for a 5% TCS except if the remittance is for education paid through a loan obtained from any financial institution, where the TCS rate would be 0.5%.
All remittances more than Rs. 7 lakhs in a financial year done under the LRS will be liable for a 5% TCS except if the remittance is for education paid through a loan obtained from any financial institution, where the TCS rate would be 0.5%.
The exemption from TCS on remittance overseas under LRS for amounts less than Rs. 7 lakh in a financial year will not be applicable, if the amount is being remitted for the purchase of overseas tour program package. Therefore, there is no monetary threshold prescribed for remittance for the purchase of overseas tour program package and bank will collect TCS on the entire amount irrespective of its value.
TCS at 0.5% shall be applicable on the amount exceeding Rs. 7,00,000 in a financial year under LRS, if the amount remitted is obtained out of a loan from a Financial Institution for pursuing education.
TCS at 0.5% shall be applicable on the amount exceeding Rs. 7,00,000 in a financial year under LRS, if the amount remitted is obtained out of a loan from a Financial Institution for pursuing education.
For this purpose, ‘financial institution’ means a banking company to which the Banking Regulation Act, 1949 applies (including any bank or banking institution referred to in section 51 of that Act); or any other financial institution which the Central Government may, by notification in the Official Gazette, specify in this behalf.
E.g. if the total amount remitted under LRS in a financial year is Rs. 8,00,000 for pursuing overseas education, TCS at 0.5% will be applicable on Rs. 1,00,000 (Rs. 8,00,000 – Rs. 7,00,000).