Question How to send more than 250k usd a year from india to abroad

[cashapp]

Hi,
A resident individual can transfer money abroad to the limit of USD 2,50,000 per financial year. It comes under the Liberalized Remittance Scheme (LRS) which is set up by the RBI.
https://m.rbi.org.in/scripts/FAQView.aspx?Id=115is it possible to send more than 250k if yes how?

 

[holywater]

As a Korean i have 50K limit a year.

If you can buy any stable crypto like DAI, BUSD, USDT, USDC You can buy it and transfer abroad or you might use any crypto unless there is crypto premium in India.

For me I used friends and family name for send money abroad actually.

 

[Martin Everson]

That's pretty much all crypto is used for. Countries with currency controls like China, Nigeria. India love crypto for this reason. One can evade central bank controls and hence why these govs hate it .

 

[andrew28fl]

Hi,
A resident individual can transfer money abroad to the limit of USD 2,50,000 per financial year. It comes under the Liberalized Remittance Scheme (LRS) which is set up by the RBI.
https://m.rbi.org.in/scripts/FAQView.aspx?Id=115is it possible to send more than 250k if yes how?

Hawala system can bypass this limit, but only for cash to cash transfers. Plus you're limited by the numbers of countries you can receive money in. You can receive money in countries with large Indian expat populations..US, Canada, UK, UAE for example.

 

[explificit]

how does the hawala system really work, someone says there is something sinister about it

 

[chaltron]

Generally in countries where there are currency controls, you buy stocks or bonds that quotes on both local and international stock market and then transfer them abroad and sell them for USD.