CURRENT AFFAIRS

Detailed explanation-1: -Solution. Sri Lanka has decided to lower the amount of foreign currency that individuals can hold to $10,000 from $15,000. The Sri Lankan government will penalize anyone who holds foreign currency for more than three months by making it against the law.

Detailed explanation-2: -You can indefinitely retain foreign exchange upto US$ 2,000, in the form of foreign currency notes or travellers’ cheques (TCs) for future use. Any foreign exchange in cash in excess of this sum, is required to be surrendered to a bank within 90 days and TCs within 180 days of return.

Detailed explanation-3: -You can remit in foreign currency for an RBI-approved purpose. You can buy FOREX up to USD 25,000 only. If you bring FOREX beyond a specified limit to India, you must declare it. You may keep a maximum of USD 2,000 (or equivalent) in cash notes or Traveller’s Cheques.

Detailed explanation-4: -Under the Reserve Bank of India’s Liberalized Remittance Scheme (LRS), Indians are allowed to freely remit up to $250,000 (around Rs 1.80 crore) per financial year for any permissible transactions.