Prime Minister's National Relief Fund(PMNRF) and National Defence Fund(NDF)

All donations towards the Prime Minister's National Relief Fund(PMNRF) and the National Defence Fund(NDF) are notified for 100% deduction from taxable income under Section 80G of the Income Tax Act,1961

The Reserve Bank of India has tightened norms for Liberalised Remittance Scheme (LRS) by making quoting of the Permanent Account Number or PAN mandatory even for transactions below 25,000 US dollar.

The apex bank issued a notification in this regard yesterday. Under the LRS, all resident individuals, including minors, are allowed to freely remit up to 2,50,000 US dollar per financial year for any permissible current or capital account transaction or a combination of both.


Earlier, a system for daily reporting of individual transactions under the LRS by banks was been put in place.

This system enables the banks to view the remittances already sent by an individual during the financial year, thus improving monitoring and ensuring compliance with the LRS limits.

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