The Reserve Bank of India (RBI) has issued a circular dated 19 June 2018 (Circular) (Ref: RBI/2017-18/204. A.P. (DIR Series) Circular No. 32) amending the liberalised remittance scheme (LRS) as set out in the Master Direction – LRS issued from time to time (Master Directions).
Pursuant to the Circular:
- The definition of ‘relative’ under the Master Directions has been aligned with the Companies Act 2013 (2013 Act)
- Disclosure of permanent account number (PAN) has been made mandatory for all remittances under the LRS
- Certain reporting related norms have been clarified