<p class="MsoNormal" style="margin: 0in 0in 0.0001pt; color: #222222; line-height: 29.3333px; font-size: 11pt; font-family: calibri, sans-serif;"><span style="font-family: tahoma, sans-serif; font-size: 14pt;">The Reserve Bank of India has tightened norms for Liberalised Remittance Scheme (LRS) by making quoting of the Permanent Account Number or PAN mandatory even for transactions below 25,000 US dollar. </span></p>''<p class="MsoNormal" style="margin: 0in 0in 0.0001pt; color: #222222; line-height: 29.3333px; font-size: 11pt; font-family: calibri, sans-serif;"><span style="font-family: tahoma, sans-serif; font-size: 14pt;"><br />''</span></p>''<p class="MsoNormal" style="margin: 0in 0in 0.0001pt; color: #222222; line-height: 29.3333px; font-size: 11pt; font-family: calibri, sans-serif;"><span style="font-family: tahoma, sans-serif; font-size: 14pt;">The apex bank issued a notification in this regard yesterday. Under the LRS, all resident individuals, including minors, are allowed to freely remit up to 2,50,000 US dollar per financial year for any permissible current or capital account transaction or a combination of both. </span></p>''<p class="MsoNormal" style="margin: 0in 0in 0.0001pt; color: #222222; line-height: 29.3333px; font-size: 11pt; font-family: calibri, sans-serif;"><span style="font-family: tahoma, sans-serif; font-size: 14pt;"><br />''</span></p>''<p class="MsoNormal" style="margin: 0in 0in 0.0001pt; color: #222222; line-height: 29.3333px; font-size: 11pt; font-family: calibri, sans-serif;"><span style="font-size: 14pt; line-height: 37.3333px; font-family: tahoma, sans-serif;">Earlier, a system for daily reporting of individual transactions under the LRS by banks was been put in place. This system enables the banks to view the remittances already sent by an individual during the financial year, thus improving monitoring and ensuring compliance with the LRS limits.</span></p>