Under the Liberalised Remittance Scheme (LRS), Reserve Bank of India (RBI) made FORM A2 (an LRS Declaration form) mandatory for purchase of foreign currency/transfer funds abroad.
Specified Person is the one who: Has not filed the income tax return (ITR) for the preceding FY, and the income tax return (not belated return) filing due date has expired and. Total amount of tax deducted or collected (TDS and TCS) in the last FY is Rs.50,000 or more.
For all transactions under business visit attached application (LERMS Letter) needs to be filled and signed by the authorized person for each individual they are sponsoring.