India Residents Can Also Participate!
Residents of India are now able to make a donation to the Iraivan Temple Fund through India's "Liberlised Remittance Scheme." The details for this procedure are as follows.
What is the Liberalised Remittance Scheme of USD $200,000?
This is a facility extended to all resident individuals under which, they may freely remit up to USD $200,000 per financial year for any permissible current or capital account transaction or a combination of both.
Is there any frequency for the remittance?
There is no restriction on the frequency. However, the total amount of foreign exchange purchased from or remitted through, all sources in India during the current financial year should be within the limit of USD $200,000.
What are the purposes for which remittance can be made under the Scheme?
This facility is available for making remittances for any permissible current or capital account transaction or a combination of both. It is not available for purposes specifically prohibited (Schedule I) or regulated by the Government of India (Schedule II) of Foreign Exchange Management (Current Account Transactions) Rules, 2000.
Is the LRS facility in addition to existing facilities detailed in Schedule III under remittances?
Yes. The facility under the Scheme is in addition to those already available for private travel, business travel, studies, medical treatment, etc. , as described in Schedule III of Foreign Exchange Management (Current Account Transactions) Rules, 2000. The Scheme can also be used for these purposes. However, remittances for gift and donation can not be made separately and have to be made under the Scheme only. Accordingly, resident individuals can remit towards gifts and donations up to USD 200,000 per financial year under the Scheme.
What are the requirements to be complied with by the remitter?
The individual will have to designate a branch of an AD —Authorised Dealer: (List available on www.fedai.org.in ) through which all the remittances under the Scheme will be made. The applicants should have maintained the bank account with the bank for a minimum period of one year prior to the remittance. He has to furnish an application-cum declaration in the specified format regarding the purpose of the remittance and declare that the funds belong to him and will not be used for purposes prohibited or regulated under the Scheme. For more on the Liberalized Remittance Scheme see:
- http://www. rbi. org. in/scripts/FAQView. aspx?Id=66#A1 and here:
- http://timesofindia. indiatimes.com/business/india-business/Practical-tips-to-use-RBIs-liberalized-remittance-scheme/articleshow/15571226. cms
Our wire transfer information is:
- Account name: Hindu Heritage Endowment
- Account number: 0076002592
- Routing number: 121301028
- The BIC/Swift code is: BOHIUS77XXX
- Bank name and address:
Bank of Hawaii
Lihue Branch #70
Lihue, HI 96766