Tariff concessions are offered either through (1) tariff elimination or (2) tariff reduction. The List of items for which –
- Tariffs are to be eliminated (including through phasing out periods) is called the Normal Track,
- Tariffs are to be reduced to 0% and 5% is called the Sensitive Track and
- Tariffs are to be reduced to certain pre-determined levels is called the Highly Sensitive List/Special Products.
A person going abroad for employment can draw foreign exchange up to USD 2,50,000 per financial year from any Authorised Dealer in India on the basis of self-declaration in Form A2 and ‘Application cum declaration for purchase of foreign exchange under LRS of USD 250,000’.
This limit has been subsumed under the Liberalised Remittance Scheme w.e.f. May 26, 2015. If an individual remits any amount under the Liberalised Remittance Scheme in a financial year, then the applicable limit for such individual would be reduced from USD 250,000 by the amount so remitted.