Question

RBI has tightened reporting norms for LRS under which an individual can transfer upto 2,50,000 US Dollars abroad in a year. What does “LRS” stands for?
[A] Liberalised Remittance Scheme
[B] Liability Remittance Scheme
[C] Liaison Remittance Scheme
[D] Liberal Remittance Scheme

Answer 1

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❇A [Liberalised Remittance Scheme ]


On 13th April 2018, the Reserve Bank of India (RBI) has tightened reporting norms for the Liberalised Remittance Scheme (LRS) under which an individual can transfer upto $ 2,50,000 US Dollars abroad in a year. 



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Answer 2

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$<u><b>Correct Answer$


[A] Liberalised Remittance Scheme

individual can transfer upto 2,50,000 US Dollars abroad in a year.


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