Answer: Reserve Bank of India (RBI)
Notes: Recently, remittances sent abroad by resident Indians under the Reserve Bank of India’s Liberalised Remittance Scheme (LRS) declined by 6.84% for the first time since the Covid-19 pandemic. The Liberalised Remittance Scheme (LRS) was introduced by the Reserve Bank of India (RBI) in 2004. LRS allows resident individuals in India to send money abroad for investment and expenditure purposes. Under current rules, residents can remit up to $250,000 per financial year. Resident Indians are governed by the Foreign Exchange Management Act, 1999 (FEMA) for foreign currency transfers. This decline reflects changes in overseas travel and study plans post-pandemic.
