Question
When was the Liberalized Remittance Scheme
introduced?ÂSolution
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 .
Relevant for Exams:
