Master Direction - Liberalised Remittance Scheme (LRS) Flashcards
1
Q
what is the LRS limit for Individuals?
A
USD 2,50,000/- per FY that is April to March
2
Q
Whether LRS is available to corporates, partnership firms, HUF, Trusts, etc.
A
Not available
3
Q
A resident cannot ………….. to another resident, in foreign currency, for the credit of the latter’s foreign currency account held abroad under LRS.
A
Gift
4
Q
In which condition LRS limits can be crossed?
A
LRS limit for student pursuing higher studies abroad can exceed based on the estimate received from the institution abroad. For Medical Treatment and Emigration
5
Q
LRS for sponsored trip by company
A
6
Q
LRS for medical treatment
A
