Sending money abroad from India is governed by the Liberalised Remittance Scheme (LRS) of the Reserve Bank of India. Under LRS, Indian residents can remit up to USD 250,000 per financial year for permitted purposes.
Permitted Purposes Under LRS
- Education abroad
- Medical treatment
- Travel expenses
- Gift and donation
- Maintenance of close relatives
Step-by-Step Process
- Choose a RBI-authorised dealer (like Fire Forex)
- Submit KYC documents
- Fill Form A2 (purpose declaration)
- Provide beneficiary bank details
- Transfer INR amount
- Receive SWIFT confirmation
Documents Required
- PAN Card
- Aadhaar Card / Passport
- Bank statement
- Purpose-specific documents (e.g., university fee demand letter)