📝 One-liners · 66 cards
A Forex facilities to Resident Individuals
What is the basic entitlement of a resident individual under the Liberalised Remittance Scheme (LRS)?
A resident individual can remit up to USD 2,50,000 per financial year for any permissible current or capital account transaction under LRS.
What is the full form of LRS in the context of foreign exchange for resident individuals?
Liberalised Remittance Scheme, introduced by RBI in 2004.
Which authority governs foreign exchange facilities available to resident individuals in India?
The Reserve Bank of India (RBI) governs these facilities under the Foreign Exchange Management Act (FEMA), 1999.
Under which act are forex facilities to resident individuals regulated in India?
Foreign Exchange Management Act (FEMA), 1999.
🔒
Unlock 66 revision one-liners
Interactive flashcard deck — flip every card to drill questions and answers, mark the ones you got wrong, and revise smarter for A Forex facilities to Resident Individuals.
🪙
Unlock cost
300 coins
30-day access · re-unlocks free for 30 days