How to send money abroad from India: RBI changes rules, makes PAN must for sending funds under Remittance Scheme
The Remittance Scheme was opened up to Indian residents in 2004, wherein, parents mainly used this way to send money for payment of fees and living expenses of their kids studying abroad. Earlier, PAN was not insisted upon on current account transactions of up to $25,000.
The RBI's developmental and regulatory policy statement today briefed about 'harmonisation of data and definitions for the Liberalised Remittance Scheme. Image source: PTI