BANKING AFFAIRS

Detailed explanation-1: -On the 4th of February, 2004, the RBI introduced the Liberalised Remittance Scheme. The LRS is a result of the Tarapore Committee’s recommendations. LRS is the reason why millions of Indians like you can support their families abroad or send money for other purposes around the world.

Detailed explanation-2: -The Scheme was introduced on February 4, 2004, with a limit of USD 25, 000. The LRS limit has been revised in stages consistent with prevailing macro and micro economic conditions.

Detailed explanation-3: -The same year, RBI introduced the Liberalised Remittance Scheme (’LRS’), allowing Indian residents to make individual foreign exchange transactions with relative ease. In the two decades since, LRS has been instrumental in simplifying overseas expenses and investments for Indian residents.

Detailed explanation-4: -History of Loopring price in India (LRC to INR) Loopring Token is launched in 2017 that works as a utility token for operations of Loopring Protocols.

Detailed explanation-5: -The Liberalised Remittance Scheme (LRS) of the Reserve Bank of India (RBI) allows resident individuals to remit a certain amount of money during a financial year to another country for investment and expenditure. According to the prevailing regulations, resident individuals may remit up to $250, 000 per financial year.