Send money abroad seamlessly with Standard Chartered Bank

The Liberalised Remittance Scheme is a facility available for making remittances up to USD250,000 per financial year, for permissible current or capital account transactions.

All resident individuals are eligible to avail themselves of the facility, so long as they hold a valid PAN card and an account at least a year old with Standard Chartered Bank. The facility, however, will not be available to corporate, partnership firms, or Trusts. Remittances cannot also not be made from loan or overdraft accounts.

The remittance facility under the Scheme is not available for the following:

1. Remittance for any purpose specifically prohibited under Schedule-I (like purchase of lottery tickets/sweep stakes, proscribed magazines, etc.) or any item restricted under Schedule II of Foreign Exchange Management (Current Account Transactions) Rules, 2000.
2. Remittance from India for margins or margin calls to overseas exchanges / overseas counterparty.
3. Remittances for purchase of FCCBs issued by Indian companies in the overseas secondary market.
4. Remittance for trading in foreign exchange abroad.
5. Capital account remittances, directly or indirectly, to countries identified by the Financial Action Task Force (FATF) as “non- cooperative countries and territories”, from time to time.
6. Remittances directly or indirectly to those individuals and entities identified as posing significant risk of committing acts of terrorism as advised separately by the Reserve Bank to the banks.
7. Gifting by a resident to another resident, in foreign currency, for the credit of the latter’s foreign currency account held abroad under LRS.

LRS can be used for making international fund transfers for any permissible current or capital account transactions. These include but are not limited to the maintenance of close relatives abroad, gifts, education, medical treatment, emigration, purchases of properties overseas, and portfolio investments abroad.

Do note, however, remittances being made directly or indirectly to Nepal, Bhutan, Mauritius or Bhutan or to any country identified as a non-co-operative country by the Financial Action Task Force are not permitted.

There are no restrictions on the frequency of remittances under LRS. However, the total amount of foreign exchange purchased from or remitted through, all sources in India during a financial year should be within the cumulative limit of USD 2,50,000.

Yes, it is mandatory for the resident individual to provide his/her Permanent Account Number (PAN) for all transactions under LRS made through Authorized Persons.

w.e.f. Oct 1, 2020, TCS will be collected by the Bank on remittances made under LRS as per prevailing income tax guidelines. For details, click here.

Important notice: Revision in applicable Tax Collected at Source (TCS) on outward foreign remittances made under Liberalised Remittance Scheme (LRS) – Standard Chartered India.

To submit a complaint for any queries or grievances, click here.

NRE account balances are freely repatriable. There is no limit specified for outward remittances from such accounts.

Outward remittances from NRO a/c are permissible subject to satisfying the documentation requirements.

NRI customers are eligible to online outward remittance from NRE accounts only. Online remittance facility is not available for NRO account holders.

No, TCS is not applicable for NRIs.

To submit a complaint for any queries or grievances, click here.