As per new Rule 37BB of Income tax rule which shall come into force with effect from April 1, 2016.
No need to report remittance in Forms 15CA and 15CB :-
- When remittance is made by an individual and prior approval of the RBI is not required due to liberalized remittance Scheme;
- When payments are of the nature covered in specified list.
Specified list
| Sl. No. | Purpose code as per RBI | Nature of payment |
| (1) | (2) | (3) |
| 1 | S0001 | Indian investment abroad-in equity capital (shares) |
| 2 | S0002 | Indian investment abroad-in debt securities |
| 3 | S0003 | Indian investment abroad-in branches and wholly owned subsidiaries |
| 4 | S0004 | Indian investment abroad-in subsidiaries and associates |
| 5 | S0005 | Indian investment abroad-in real estate sector |
| 6 | S0011 | Loans extended to Non-Residents |
| 7 | S0101 | Advance payment against imports |
| 8 | S0102 | Payment towards imports-settlement of invoice |
| 9 | S0103 | Imports by diplomatic missions |
| 10 | S0104 | Intermediary trade |
| 11 | S0190 | Imports below Rs.5,00,000-(For use by ECD offices) |
| 12 | S0202 | Payment for operating expenses of Indian shipping companies operating abroad. |
| 13 | S0208 | Operating expenses of Indian Airlines companies operating abroad |
| 14 | S0212 | Booking of passages abroad – Airlines companies |
| 15 | S0301 | Remittance towards business travel. |
| 16 | S0302 | Travel under basic travel quota (BTQ) |
| 17 | S0303 | Travel for pilgrimage |
| 18 | S0304 | Travel for medical treatment |
| 19 | S0305 | Travel for education (including fees, hostel expenses, etc.) |
| 20 | S0401 | Postal services |
| 21 | S0501 | Construction of projects abroad by Indian companies including import of goods at project site |
| 22 | S0602 | Freight insurance – relating to import and export of goods |
| 23 | S1011 | Payments for maintenance of offices abroad |
| 24 | S1201 | Maintenance of Indian embassies abroad |
| 25 | S1202 | Remittances by foreign embassies to India |
| 26 | S1301 | Remittance by non-residents towards family maintenance and savings |
| 27 | S1302 | Remittance towards personal gifts and donations |
| 28 | S1303 | Remittance towards donations to religious and charitable institutions abroad |
| 29 | S1304 | Remittance towards grants and donations to other Governments and charitable institutions established by the Governments |
| 30 | S1305 | Contributions or donations by the Government to international institutions |
| 31 | S1306 | Remittance towards payment or refund of taxes |
| 32 | S1501 | Refunds or rebates or reduction in invoice value on account of exports |
| 33 | S1503 | Payments by residents for international bidding. |