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Under the Liberalised Remittance Scheme (LRS), residents have been permitted to remit up to an amount of $200,000 a financial year for any permitted current or capital account transactions or a combination of both with effect from September 26, 2007.
The Scheme was introduced in February 2004, to facilitate resident individuals to freely remit up to $25,000 a calendar year.
The amount was enhanced to $50,000 a financial year in December 2006, then further to $100,000 a financial year in May 2007, before being hiked to $200,000 in September 2007.
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