One can definitely send money Overseas from India following the guidelines under FEMA by RBI. The rules are broadly based on the residential status of the remitter and its purpose. Business-related transactions relating to the import and export of goods and services are restricted to be handled only by Authorized Banks. With the introduction of Liberalized Remittance Scheme on February 4th,2004, GOI has allowed the general public to transfer money internationally for permitted current or capital account transactions. Presently residents of India are allowed to remit money up to USD 2.5 lakh or equivalent per financial year.
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