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Self-Declaration by Resident Individual For Release of Foreign Exchange Under LRS

1. The document is a self-declaration form for an individual resident of India seeking to release foreign exchange under the Liberalised Remittance Scheme. 2. The individual confirms the remittance is for investment in equity and declares the funds will not be used for virtual currencies or overseas forex trading. 3. The individual understands they are solely responsible for any penalties that may arise if the declaration is found to be incorrect and authorizes the bank to close their account without notice if prohibited transactions are discovered.

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CHAITANYA SAHU
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149 views

Self-Declaration by Resident Individual For Release of Foreign Exchange Under LRS

1. The document is a self-declaration form for an individual resident of India seeking to release foreign exchange under the Liberalised Remittance Scheme. 2. The individual confirms the remittance is for investment in equity and declares the funds will not be used for virtual currencies or overseas forex trading. 3. The individual understands they are solely responsible for any penalties that may arise if the declaration is found to be incorrect and authorizes the bank to close their account without notice if prohibited transactions are discovered.

Uploaded by

CHAITANYA SAHU
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Self-Declaration by Resident Individual

For Release of Foreign Exchange Under LRS

I hereby confirm and declare as under -

1. I am an individual Resident in India as defined under Foreign Exchange Management Act


(FEMA), 1999.

2. I confirm that the remittance to this beneficiary is towards investment in equity.

3. I further confirm that we are aware of the instructions issued by Reserve Bank of India (RBI)
as under:
i. RBI A.P. (Dir Series) Circular No. 46 dated September 17, 2013 on Overseas Forex
Trading through Electronic / Internet Trading Portals
ii. RBI Circular No. DBR.No.BP.BC.104/08.13.102/2017-18 dated April 6, 2018 on
Prohibition on Dealing in Virtual Currencies (VCs)

4. I confirm that the remittance amount/end use of funds will not be used for dealing Virtual
Currencies (VCs). We are aware of various risks associated in dealing with such virtual
currencies and we know that entities regulated by RBI shall not deal in VCs or provide services
for facilitating any person or entity in dealing with or settling VCs.

5. I further confirm & undertake that the remittance amount/end use of funds will not be used
for Overseas Forex Trading. We are aware that any person resident in India collecting and
effecting / remitting payments directly / indirectly outside India in any form towards overseas
foreign exchange trading through electronic / internet trading portals would make
himself/herself/themselves liable to proceeded against with for contravention of the Foreign
Exchange Management Act (FEMA), 1999 besides being liable for violation of regulations
relating to Know Your Customer (KYC) norms / Anti Money Laundering (AML) standards.

6. I understand that the Bank is/will be releasing foreign exchange to me under the Liberalised
Remittance Scheme based on my above declaration. I further understand that I shall be solely
liable to any penal action that may arise, in terms of the provisions of Foreign Exchange
Management Act, 1999, in the event of my above declaration being found incorrect.

7. I declare that the Foreign exchange purchased from you is for the purpose indicated by me in
the application.

8. I also undertake to furnish the end use details evidencing non utilisation of remittance
proceeds for aforesaid prohibited activities within 30 days from the date of remittance.

9. I authorise Bank to close my account without giving any advance notice and report the same
to RBI, if the Bank comes across any prohibited transaction undertaken by me. The Bank shall
not be responsible or liable for any consequences arising due to closure of my account, in such
cases.

10. The instructions given by me is verified and true to the best of my knowledge.
Please note any wrong declaration made here amounts to willful contravention of the
provisions of Foreign Exchange Management Act, 1999, and may invite penal action
accordingly.

Please also note that the bank may initiate closure of your account held with us without prior notice
and report the matter to Reserve Bank of India (RBI), if the banks finds at any point of time that you
have made a wrongful declaration here.

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