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Foreign exchange remittance facilities for individuals
What is the Liberalised Remittance Scheme (LRS) and who is eligible to use it?
LRS is an RBI scheme allowing resident individuals, including minors, to remit up to USD 250,000 per financial year abroad for any permissible current or capital account transaction.
What is the full form of FEMA?
Foreign Exchange Management Act, enacted in 1999.
What is the annual limit for remittances under the Liberalised Remittance Scheme (LRS)?
Under LRS, a resident individual can remit up to USD 250,000 (or its equivalent in other currencies) per financial year without seeking RBI approval.
Under LRS, what is the maximum remittance allowed per financial year per individual?
USD 250,000 per financial year per resident individual.
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