Which income proof is required to suffice LRS transactions?

Please find below list of acceptable income proof documents for LRS transaction:

  • ITR / Form 16 / Income Proof in the name of customer, which can justify the remittance amount.
  • Documentary Evidence that justifies that the income belongs to customer e.g. Sale of Property documents, Cheque in the Name of Account Holder etc.
  • Proof of redemption of MF, other investment, etc. & credit to account.
  • Funds received from customer’s own account in other Bank, etc.(The Funds Transfer should be Evidence in other Bank statement).
  • Bank statement with salary credit / income, which can justify the remittance amount.
  • Document should be on a Client Name
  • For gift of immediate family members; declaration / gift deed will be mandatory to establish source of funds. If the funds are received by way of gift which have remained in the customer’s account for less than 12 months, in absence of other proof of source/standing of the customer, a gift deed should be obtained to substantiate the source.