The Liberalised Remittance Scheme (LRS) for resident individuals can now be used for acquisition of immovable property outside India, according to the Reserve Bank of India.
In June, the central bank had increased the LRS limit to $125,000 per financial year (April-March) from $75,000.
The increase in limit allowed banks authorised to deal in foreign exchange to remit up to $125,000 per financial year, under the LRS, for any permitted current or capital account transaction or a combination of both.