Sending money from India to a foreign country can often be a daunting procedure for both foreign businesses and expatriates living in India.
There are various schemes and regulations that limit how much money can be remitted and for what purpose.
Outward remittance generally has to be approved under the Foreign Exchange Management Act (FEMA), 1999, which regulates all transactions involving foreign exchange.
These guidelines are aimed at making external trade and payments easier as part of the country’s economic liberalization in the 1990s.
