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    Question

    According to the prevailing regulations of Liberalised

    Remittance Scheme (LRS), resident individuals may remit up to _______per financial year.
    A $100,000 Correct Answer Incorrect Answer
    B $150,000 Correct Answer Incorrect Answer
    C $200,000 Correct Answer Incorrect Answer
    D $250,000 Correct Answer Incorrect Answer
    E $300,000 Correct Answer Incorrect Answer

    Solution

    TheĀ Liberalised Remittance SchemeĀ  (LRS) of theĀ Reserve Bank of India Ā (RBI) allows resident individuals to remit a certain amount of money during a financial year to another country for investment and expenditure. According to the prevailing regulations, resident individuals may remit up to $250,000 per financial year. This money can be used to pay expenses related to travelling (private or for business), medical treatment, studying, gifts and donations, maintenance of close relatives and so on.

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