BANKING AFFAIRS

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: -For such remittances Liberalised Remittance Scheme (LRS) has been framed which is available if you are an Indian resident individual. In that case you may make remittances up to USD 250, 000 per financial year (April-March) for any permitted capital/ current account transactions or a combination of both.

Detailed explanation-3: -Yes It is mandatory for the resident individual to provide his/her Permanent Account Number (PAN) for all transactions under LRS made through Authorized Persons.

Detailed explanation-4: -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.