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      Question

      In which year was the Liberalised Remittance Scheme (LRS

      scheme) introduced by the RBI?
      A 2000 Correct Answer Incorrect Answer
      B 2002 Correct Answer Incorrect Answer
      C 2004 Correct Answer Incorrect Answer
      D 2006 Correct Answer Incorrect Answer
      E 2008 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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