BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Liberalised Remittance Scheme
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Liberalised Remittance Service
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Liberalised Remittance System
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Legel Remittance Scheme
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Detailed explanation-1: -What is the LRS remittance limit? LRS allows Indian residents to freely remit up to USD $250, 000 per financial year for current or capital account transactions or a combination of both. Any remittance exceeding this limit requires prior permission from the RBI.
Detailed explanation-2: -A resident individual may send up to $2.5 lakh in a year. An NRI with a Non-Resident Ordinary (NRO) account may send up to $10 lakh in a financial year. An individual with a Non-Resident External (NRE) account or a Foreign Currency Non-Resident (FCNR) Account does not have any such limits.
Detailed explanation-3: -According to the scheme introduced in 2004, 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.
Detailed explanation-4: -Foreign exchange for travel abroad can be purchased from banks against rupee payment in cash up to Rs. 50, 000/-.