Question
When was the Liberalised Remittance Scheme
introduced?Solution
The Liberalised Remittance Scheme was introduced on February 4, 2004, with a limit of USD 25,000. The LRS limit has been revised in stages consistent with prevailing macro and micro economic conditions. The limit currently stands at USD 2,50,000 per financial year (April β March) for any permissible current or capital account transaction or a combination of both
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