Lrs( liberalised remittance scheme)
This query is : Resolved
10 July 2018
Under LRS a resident individual can remit USD2,50000 or its equivalent in other freely convertible currency. Please clarify the meaning of the word " equivalent" and also the way how to arrive at the equivalent.Whether 2,50000 is the maximum amount of any currency denomination which can be remitted without RBI approval.
10 July 2018
2,50,000 is for USD only for other currency equivalent amount has to be calculated based on exchange rate it can exceed 2,50,000.
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