Business visit expenses borne by employer not covered under RBI's remittance scheme
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A clarification to this effect was provided in a set of FAQs issued by the finance ministry on the LRS (Liberalised Remittance Scheme).
"When an employee is being deputed by an entity for any of the above (business visit), and the expenses are borne by the latter, such expenses shall be treated as residual current account transactions outside LRS and may be permitted by the AD (authorised dealer) without any limit, subject to verifying the bona fide of the transaction," the ministry said.
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