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Sweety
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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?

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    1. Rajnish

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      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.

       

       

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