Provisions Relating to Gift under FEMA
Gift under FEMA — Light Theme Type of gift From NRI to NRI From Resident to NRI From NRI to Resident From Resident to Resident Foreign currency – LRS limits of USD 250,000 per FY would apply to the donor. (i) Under Rupee Drawing Agreement method, no limit on personal inward remittances (business capped at INR 15 lakhs for each remittance). (ii) Under Money Transfer Service Scheme, max $2,500 per transfer, max 30 transfers per FY. Only cross-border personal remittances, such as family maintenance and remittances favouring foreign tourists visiting India allowed. NRIs can gift cash, but residents cannot hold more than $2,000 (or equivalent) at any time. ...