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    Question

    In what year was the Liberalised Remittance Scheme (LRS)

    introduced?
    A 2008 Correct Answer Incorrect Answer
    B 2006 Correct Answer Incorrect Answer
    C 2004 Correct Answer Incorrect Answer
    D 2002 Correct Answer Incorrect Answer

    Solution

    The Liberalised Remittance Scheme (LRS) was introduced on February 4, 2004. It allows all resident individuals, including minors, to freely remit up to USD 2,50,000 per financial year for permissible transactions. This scheme has facilitated greater ease and flexibility in foreign exchange transactions for residents.

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