Q. RBI has tightened reporting norms for LRS under which an individual can transfer up to 250000 US Dollars abroad in a year. What does ‘LRS’ stands for?
Solution:
Under the Liberalised Remittance Scheme made available by the Reserve Bank of India, resident individuals are allowed to remit up to USD250,000 per financial year (April-March) for any permitted current or capital account transactions or a combination.
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