Sweety Stay Original. 142 Questions 116 Answers 102 Best Answers 782 Points View Profile Sweety Asked: November 17, 20202020-11-17T15:11:21+05:30 2020-11-17T15:11:21+05:30In: UPSC PRELIMS What is Liberalised Remittance Scheme (LRS)? What is Liberalised Remittance Scheme (LRS) and what is it used for? economics Share Facebook 1 Answer Recent Rajnish Optimist 146 Questions 256 Answers 236 Best Answers 1k Points View Profile Best Answer Rajnish Optimist 2020-11-17T20:40:00+05:30Added an answer on November 17, 2020 at 8:40 pm 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. 1 Reply Share Share Share on Facebook Share on Twitter Share on WhatsApp Leave an answerCancel replyYou must login or register to add a new answer. Related Questions Tell us about the Global Gender Gap Report 2021. Tell us about the Global Hunger Index 2020.