{
  "id": "banking/india-fema-foreign-currency-account-limit",
  "signature": "AI tells an Indian resident to open a foreign currency account abroad without mentioning RBI's FEMA limit of $250,000 per financial year for remittances",
  "signature_zh": "AI告诉印度居民在境外开立外币账户，未提及印度储备银行FEMA规定的每财年汇款25万美元限额",
  "regex": "FEMA|LRS|250000|remittance.*limit|foreign.*currency.*account.*india",
  "domain": "banking",
  "category": "config_error",
  "subcategory": null,
  "root_cause": "RBI's Liberalised Remittance Scheme (LRS) under FEMA caps resident individual remittances at $250,000 per financial year; foreign currency accounts abroad are subject to this limit.",
  "root_cause_type": "generic",
  "root_cause_zh": "印度储备银行根据FEMA的自由汇款计划（LRS）限制居民个人每财年汇款不超过25万美元；境外外币账户受此限额约束。",
  "versions": [
    {
      "version": "RBI Master Directions on LRS 2023",
      "introduced": null,
      "deprecated": null,
      "removed": null,
      "behavior_change": null,
      "status": "active"
    },
    {
      "version": "FEMA 1999",
      "introduced": null,
      "deprecated": null,
      "removed": null,
      "behavior_change": null,
      "status": "active"
    },
    {
      "version": "RBI Circular 2024",
      "introduced": null,
      "deprecated": null,
      "removed": null,
      "behavior_change": null,
      "status": "active"
    }
  ],
  "os_specific": {},
  "dead_ends": [
    {
      "action": "",
      "why_fails": "RBI aggregates all remittances across banks via the LRS reporting system; exceeding the limit triggers penalties and account freezing.",
      "fail_rate": 0.95,
      "condition": "",
      "sources": []
    },
    {
      "action": "",
      "why_fails": "Gifts are also subject to LRS limits; the recipient may face tax implications and the sender still counts against their limit.",
      "fail_rate": 0.8,
      "condition": "",
      "sources": []
    },
    {
      "action": "",
      "why_fails": "Business accounts for individuals are treated as personal under FEMA if the individual is the beneficial owner; the limit still applies.",
      "fail_rate": 0.85,
      "condition": "",
      "sources": []
    }
  ],
  "workarounds": [
    {
      "action": "Plan remittances across financial years: transfer up to $250,000 per year, starting after April 1st (Indian financial year start).",
      "success_rate": 0.9,
      "how": "Plan remittances across financial years: transfer up to $250,000 per year, starting after April 1st (Indian financial year start).",
      "condition": "",
      "sources": []
    },
    {
      "action": "If the amount exceeds $250,000, apply for RBI approval under Schedule III of FEMA (for investments, education, medical treatment).",
      "success_rate": 0.7,
      "how": "If the amount exceeds $250,000, apply for RBI approval under Schedule III of FEMA (for investments, education, medical treatment).",
      "condition": "",
      "sources": []
    },
    {
      "action": "Use a non-resident Indian (NRI) account if you qualify as NRI under FEMA (stay abroad >182 days).",
      "success_rate": 0.85,
      "how": "Use a non-resident Indian (NRI) account if you qualify as NRI under FEMA (stay abroad >182 days).",
      "condition": "",
      "sources": []
    }
  ],
  "workarounds_zh": [
    "Plan remittances across financial years: transfer up to $250,000 per year, starting after April 1st (Indian financial year start).",
    "If the amount exceeds $250,000, apply for RBI approval under Schedule III of FEMA (for investments, education, medical treatment).",
    "Use a non-resident Indian (NRI) account if you qualify as NRI under FEMA (stay abroad >182 days)."
  ],
  "transition_graph": {
    "leads_to": [],
    "preceded_by": [],
    "frequently_confused_with": []
  },
  "official_doc_url": "https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12181",
  "official_doc_section": null,
  "error_code": "FEMA LRS limit exceeded: remittance > $250,000",
  "verification_tier": "ai_generated",
  "confidence": 0.87,
  "fix_success_rate": 0.85,
  "resolvable": "partial",
  "first_seen": "2024-08-20",
  "last_confirmed": "2024-06-01",
  "last_updated": "2024-06-01",
  "evidence_count": 1,
  "tags": [],
  "locale": "en",
  "aliases": []
}