\u2705Under LRS (introduced in 2004), Indian individuals can send money outside up to a maximum of $250,000 in a year.<\/p>\n\n\n\n
\u2705Aim: LRS simplifies the process of remitting money outside India and encouraging foreign investments by Indian individuals.<\/p>\n\n\n\n
\u2705Permissible transactions: education, travel, medical treatment, gifting, investment in shares or property, etc.<\/p>\n\n\n\n
\u2705Non-Permissible transactions: Trading in foreign exchange or buying lottery tickets.<\/p>\n\n\n\n
\u2705LRS is not available to Corporations, partnership firms, Hindu Undivided Family (HUF), Trusts etc.<\/p>\n\n\n\n
\u2705Benefits of LRS: Individuals can diversify their investments and assets, and also provides an opportunity to finance their foreign education or travel.<\/p>\n\n\n\n
\u2705Issues: Outward remittances can add pressure to the forex reserves of the country and therefore the government has proposed a 20% Tax Collection at Source (TCS) for any foreign remittance transactions in FY24.<\/p>\n","protected":false},"excerpt":{"rendered":"
Liberalised Remittance scheme \u2705Under LRS (introduced in 2004), Indian individuals can send money outside up to a maximum of $250,000 in a year. \u2705Aim: LRS simplifies the process of remitting money outside India and encouraging foreign investments by Indian individuals. \u2705Permissible transactions: education, travel, medical treatment, gifting, investment in shares or property, etc. \u2705Non-Permissible transactions: […]<\/p>\n","protected":false},"author":894,"featured_media":131538,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1755],"tags":[1797],"class_list":["post-131537","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-upsc-important-topics","tag-upsc-daily-important-topic"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/131537","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/894"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=131537"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/131537\/revisions"}],"predecessor-version":[{"id":131539,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/131537\/revisions\/131539"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/131538"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=131537"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=131537"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=131537"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}