Liberalised Remittance Scheme

On 16th May, 2023, the Ministry of Finance notified the Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2023, to include international credit card payments in the Liberalised Remittance Scheme (LRS).

Liberalised Remittance Scheme(LRS)

  • The Scheme was introduced on February 4, 2004.
  • Under this, all resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of both.
  • Further, resident individuals can avail of foreign exchange facility for the purposes mentioned in Para 1 of Schedule ....
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