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2 A BFM LRS and other Remittance Facilities for Residents
What is the Liberalised Remittance Scheme (LRS) introduced by RBI?
LRS is a scheme under which resident individuals can remit up to USD 250,000 per financial year for any permissible current or capital account transaction, or a combination of both.
What is the maximum number of transactions allowed per year under MTSS for an individual receiver?
Maximum 30 transactions per financial year per beneficiary.
Who is eligible to remit funds under the LRS?
All resident individuals including minors are eligible under LRS; minors must have their natural guardian countersign the request form on their behalf.
Under LRS, can a resident individual gift money to a non-resident close relative?
Yes, gifting to non-resident close relatives is permitted under LRS.
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