Consider the following statements about liberalised

Solution

· This is the scheme of the Reserve Bank of India, introduced in the year 2004. · Under the scheme, all resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year (April – March) · Outward remittances under the Reserve Bank of India’s (RBI’s) liberalised remittance scheme (LRS) was at an all-time high in FY22, as it made a strong comeback from the previous year’s tepid show because of Covid-19-led disruptions. · In FY22, outflows under the LRS scheme were to the tune of $19.61 billion, up 54.6 per cent from FY21, data released by the RBI showed. · In FY21, outward remittance under the scheme was $12.68 billion; in FY20 it was $18.76 billion; and in FY19 it was $13.78 billion.