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MEANING OF LRS, WHO CAN USE LRS, BASIC LIMIT, FAMILY-WISE, TRANSACTIONS NOT ALLOWED UNDER LRS, PERMISSIBLE CAPITAL ACCOUNT TRANSACTIONS UNDER LRS, REMITTANCES SUBSUMED WITHIN THE LRS LIMIT, PRIVATE VISITS ABROAD, DONATION
What does LRS stand for in the context of foreign exchange?
LRS stands for Liberalised Remittance Scheme, introduced by the Reserve Bank of India to allow resident individuals to remit funds abroad up to a specified limit without prior RBI approval.
What is the full form of LRS in foreign exchange regulations?
Liberalised Remittance Scheme introduced by RBI in 2004.
Who is eligible to use the Liberalised Remittance Scheme?
All resident individuals, including minors, are eligible to use the LRS; however, corporates, partnership firms, HUFs, trusts, and other entities are not permitted to use this scheme.
Under LRS, can a resident individual remit funds for pursuing education abroad?
Yes, education abroad is a permissible current account transaction.
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