Archive · 2 Jun 2025
RBI Eases Remittance Rules for FY25, Expanding Access
The Reserve Bank of India (RBI) made it easier for people to send money abroad through the Liberalised Remittance Scheme (LRS).
Starting July 3, 2024, banks can process all LRS remittances online or with a form.
Also, people can now send money to International Financial Services Centres (IFSCs) for various reasons, not just investments.
The RBI stopped requiring monthly reports from banks about these transactions.
They are reviewing the whole LRS system, including how much money can be sent and how it is used.
RBI eased Liberalised Remittance Scheme (LRS) rules for FY25 to improve accessibility.
Authorized dealers can process all LRS remittances via Form A2, online or physically from July 3, 2024.
Individuals can send LRS funds to International Financial Services Centres (IFSCs) for any permitted transactions from July 10, 2024.
The RBI ended the need for monthly LRS return filings by banks starting September 6, 2024.
RBI is reviewing the LRS framework, considering the annual remittance limit and other aspects.
- Who
- The Reserve Bank of India (RBI)
- What
- RBI eased and expanded the scope of the Liberalised Remittance Scheme (LRS).
- When
- Starting July 3, 2024, with further changes effective July 10, 2024 and September 6, 2024.
- Where
- India
- Why
- To improve convenience and accessibility for resident individuals.
- Effective date of new remittance processing
- July 3, 2024
- Required for remittance processing
- Form A2
- Date funds can be sent to IFSCs for any permitted transaction
- July 10, 2024
- Date monthly LRS return filings were discontinued
- September 6, 2024