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...
Under the LRS, resident individuals can send money abroad for a set number of purposes, up to a maximum annual limit¹ The scheme is described as ‘liberalized’ because until its introduction, resident of India couldn’t send money overseas without specific permissions from the RBI³ The li...
Changes in LRS Liberalized Remittance Scheme (LRS) for Resident Individuals- Increase of limit from USD 125,000 to USD 250,000 : With reference to the circularRBI/2013-14/620 A.P. (DIR Series) Circular No.106 dated June 1, 2015, please note that the LRS limit’s have been revised to...