The Reserve Bank of India (RBI) LRS enables resident persons, including minors, to remit a certain sum of money for investment and expenditure to another country within a financial year.
Corporations, joint businesses, Hindu Undivided Family (HUF), Trusts, etc. do not have access to the Scheme.
More about LRS:
In April 2020, under the Liberalised Remittance System (LRS), Indians remitted only $499.14 million, a 61 percent decrease from $1,287.91 million in the same month last year.
Up to $250,000 per financial year can be remitted by resident citizens.
This money can be used to pay expenses for travel, medical care, study, gifts, and donations, etc.
In addition, the amount remitted can also be invested in bonds, debt instruments and can be used for the acquisition of immovable property on the overseas market.
Individuals can also open, establish, and maintain foreign currency accounts with banks outside India for the purpose of performing transactions approved under the scheme.
Rajnish
The Reserve Bank of India (RBI) LRS enables resident persons, including minors, to remit a certain sum of money for investment and expenditure to another country within a financial year.
Corporations, joint businesses, Hindu Undivided Family (HUF), Trusts, etc. do not have access to the Scheme.
More about LRS: