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Basics for Forex Derivatives
When was the LRS introduced and at what initial ceiling?
In February 2004, with a ceiling of US$ 25,000.
What is the current LRS limit per resident individual per financial year?
US$ 2,50,000 (or equivalent).
Which Act provides the framework within which LRS operates?
The Foreign Exchange Management Act, 1999 (FEMA).
Under which FEMA section is a capital account transaction defined?
Section 2(e).
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