RBI/2013-14/222 – A.P. (DIR Series) Circular No.32 clarified that :-
Q. Can resident individuals make remittances under LRS for investments in immovable properties abroad which were acquired under instalment basis?
Resident individuals are permitted to make remittances for acquiring immovable property within the annual limit of USD 75000 for already contracted cases, i.e. only for those contracts which were entered into on or before the date of the circular, i.e., August 14, 2013, subject to satisfaction of the genuineness of the transactions by the AD bank. Such cases should be immediately reported post facto to the Reserve Bank of India by the A D banks.
RBI/2014-15/132 A.P. (DIR Series) Circular No.5
Liberalised Remittance Scheme (LRS) for resident individuals-The limit from USD 75,000 was increased to USD 125,000.
RBI/2014-15/171 A. P. (DIR Series) Circular No. 19
In the light of the above clarification, the requirement of post facto reporting stipulated in terms of A.P. (DIR Series) Circular No.32 dated September 04, 2013, (Sr. no. 4 of Annexure to the Circular) stands withdrawn. Related Tags FEMA
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