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The current Liberalized Remittance Scheme only allows transfers of $250k out of India, however if an Indian wants to apply for EB5 in US or abroad which is close to a $1million, and not married with family, how can that be accomplished?
1) Is it allowed to transfer more than $250k?
2) Does 2020 budget have a new clause to prevent it?
The limit imposed by the Liberalized Remittance Scheme is not an absolute limit on the amount you can transfer. Rather, you can transfer up to a certain amount each financial year (currently $250,000 according to https://m.rbi.org.in/Scripts/FAQView.aspx?Id=115).
Since this limit is tied to a financial year, the straightforward answer is to spread the remittances out over several financial years so that the total amount remitted meets your requirements but the amount remitted in any given financial year does not exceed the amount permitted for that year. Assuming the amounts do not change significantly, it would take you about 4 years to remit the amount needed to meet the EB5 visa requirements.
