New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Under the Liberalised Remittance scheme (LRS), the

    received/ realised/ unspent/ unused foreign exchange, unless reinvested, shall be repatriated and surrendered to an authorised person within a period of _________ from the date of such receipt/ realisation/ purchase/ acquisition or date of return to India.
    A 30 days Correct Answer Incorrect Answer
    B 90 days Correct Answer Incorrect Answer
    C 180 days Correct Answer Incorrect Answer
    D 270 days Correct Answer Incorrect Answer
    E 360 days Correct Answer Incorrect Answer

    Solution

    Investor, who has remitted funds under LRS can retain, reinvest the income earned on the investments. The received/realised/unspent/unused foreign exchange, unless reinvested, shall be repatriated and surrendered to an authorised person within a period of 180 days from the date of such receipt/ realisation/ purchase/ acquisition or date of return to India, as the case may be, in accordance with Regulation 7 of Foreign Exchange Management (Realisation, repatriation and surrender of foreign exchange) Regulations, 2015 [Notification No. FEMA 9(R)/2015-RB]13. However, a resident individual who has made overseas direct investment in 14accordance with FEMA provisions, shall have to comply with the provisions contained in Foreign Exchange Management (Overseas Investment) Rules, 2022, Foreign Exchange Management (Overseas Investment) Regulations, 2022 and Foreign Exchange Management (Overseas Investment) Directions, 2022.

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