In layman's terms, this means that the RBI controls and limits the flow of money out of India because excessive outflow of rupees would destabilise the local currency markets and damage the economy² Now, onto the Liberalized Remittance Scheme (LRS). A remittance is basically any money sent...
A few decades ago, remitting funds abroad to educate your child or help in emergencies was cumbersome and time-consuming. To streamlineoutward remittanceslike these, the Reserve Bank of India (RBI) introduced the Liberalised Remittance Scheme (LRS) in 2004. This article will give you insight in...
50,000 in a financial year irrespective of the number of visits undertaken during the year. This limit has been subsumed under the Liberalised Remittance Scheme w.e.f. May 26, 2015.