Liberalised Remittance Scheme Current Affairs, GK & News

Liberalised Remittance Scheme: RBI alters definition of relative to check outward remittances

The Reserve Bank of India (RBI) has narrowed the definition of relatives under the ‘maintenance of close relative’ category of Liberalised Remittance Scheme (LRS) to check outflow of funds and prevent misuse of facility. Henceforth, funds under this category can be sent only to immediate relatives such as parents, spouses, children and their spouses. Key ..

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RBI tightens reporting norms for Liberalised Remittance Scheme

The Reserve Bank of India (RBI) has tightened reporting norms for the Liberalised Remittance Scheme (LRS) under which individual can transfer up to US $2,50,000 abroad in a year. The purpose of tightening of norms is to improve monitoring and also to ensure compliance with LRS limits. Key Facts Currently, the LRS transactions are permitted ..

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