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

    Question

    When was the Liberalized Remittance Scheme

    introduced? 
    A 2003 Correct Answer Incorrect Answer
    B 2002 Correct Answer Incorrect Answer
    C 2004 Correct Answer Incorrect Answer
    D 2005 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    The Liberalised Remittance Scheme ( LRS scheme ) of the RBI was introduced in 2004, under which, all resident individuals, including minors, are allowed to freely remit up to $250,000 per financial year for any permissible current or capital account transaction or a combination of both . The scheme was introduced on February 4, 2004, with a limit of $25,000 .

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