Submitted By: Saurabh Kesarwani
FAQs on Liberalised Remittance Scheme
These FAQs explain the Liberalised Remittance Scheme (LRS) notified by the Reserve Bank of India, which allows resident individuals to remit funds abroad up to a prescribed limit per financial year for permitted current and capital account transactions. The FAQs clarify eligibility, remittance limits, permitted and prohibited purposes, documentation requirements, tax implications, and reporting norms, helping residents undertake overseas transactions in compliance with foreign exchange regulations. Last Updated on: April 06, 2023
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