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The FEMA limit refers to the Liberalised Remittance Scheme (LRS), under which all individual residents, including minors, are allowed to freely transfer funds for up to USD 250,000 in a financial year, which spans from April to March, for any capital or current account transaction, or a combination of both. Additionally, residents can obtain a foreign exchange facility as mentioned in paragraph 1 of Schedule III of the Foreign Exchange Management (Current Account Transactions) Amendment Rules 2015, effective from 26 May 2015, under a limit of USD 250,000.`
Here are some of the things that you must keep in mind while remitting money abroad:
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According to section 5 of the FEMA Act, Indian individuals are free to buy or sell foreign exchange, except for a few foreign exchange transactions which are banned by the central government, like lottery winnings, income from racing, riding, or purchasing of lottery tickets.
The FEMA Act was introduced on 4 February 2004. At the start, it only comes with a limit of 25,000 USD in a financial year, but later the LRS-revised limits have been revised according to the micro and macroeconomic conditions.