1. LRS is a facility provided by the Reserve Bank of India (RBI) that allows resident individuals in India to send money abroad.
2. Individuals can remit up to $2,50,000 per financial year (April– March) without special permission from the RBI
3. Only resident individuals, including minors (through a guardian), are eligible. The scheme does not apply to companies, partnerships, or trusts.
4. Funds can be remitted for various purposes, including education and medical expenses abroad, travel, gifting and donations, investments in foreign stocks, bonds, real estate, and deposits.
5. Depending on the purpose, tax collected at source, or TCS, of up to 20% may be applicable on the remitted amount.
Content on this page is courtesy Centre for Investment Education and Learning (CIEL).
Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta. Source Link
