I-T dept scans 30,000 individuals for remitting money abroad via RBI scheme

Most of the assessees in question are either traders or professionals; there are also those who sent money abroad for donation purposes

About 30,000 individuals who sent money abroad under the Liberalised Remittance Scheme (LRS) have come under the income tax authority’s lens for the current assessment year.

The department has sent scrutiny notices to these people, seeking details of the foreign accounts, properties and shares in the relevant company abroad. 

The LRS is a scheme of the Reserve Bank of India (RBI), meant to allow individuals who reside here to remit money up to a specified limit during a financial year to another country for investment and expenditure.

Under current regulations, this annual limit is $250,000 per financial year.  

This may be used for expenses