Now, expenses incurred in foreign currency through international credit cards will come under the Liberalized Remittance Scheme

[{"selector":"#anim-e0d4d78c-728f-431a-9ea8-f118399e30c7","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-08fde707-3fb2-4e3f-ab84-6bc2b411522b","keyframes":{"transform":["translate3d(0px, -195.37036%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] The LRS is a popular scheme among Indian residents who need to remit funds abroad for various purposes.

[{"selector":"#anim-3f2a5a7a-7b6a-4cf5-85c9-a81138e9be4b","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-fc2ef813-12f7-4d30-b664-c946b067c57e","keyframes":{"transform":["translate3d(61.40808%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-84c408b0-1e0b-44d4-b298-53322f583e2f","keyframes":{"transform":["scale(1)","scale(1.5)","scale(0.95)","scale(1)"],"offset":[0,0.33,0.66,1]},"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}] The LRS allows Indian residents to remit money abroad through their bank or other authorized dealer.

[{"selector":"#anim-b8280510-59a6-4cf0-868c-879ff1d29c76","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-7651bfe3-b165-465c-9343-3a955673321d","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The remittance must be for a permitted current or capital account transaction.

[{"selector":"#anim-6ba5084c-d631-4a09-8449-87246e85ae8d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-12.500000097520811%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] It allows them to diversify their investment portfolio, acquire assets abroad, undertake education or medical treatment abroad, travel, gift funds to relatives outside India, and more.

[{"selector":"#anim-a321dfbc-f266-425c-be49-d3936773b65d","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] The LRS can be used for a variety of purposes, including education, medical expenses, and investment.

[{"selector":"#anim-151c728b-e6e4-4810-b8fb-7b163941c727","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-d7bb4dfc-393b-4ae3-bcc7-8a657ea62ce2","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The LRS is a valuable tool for Indian residents who need to remit money abroad for a variety of purposes.

[{"selector":"#anim-5d051106-100b-498c-bc14-befeda30bb77 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The Reserve Bank of India (RBI) in 2004 allows resident individuals to remit up to USD 250,000 per financial year (April-March)

Now, expenses incurred in foreign currency through international credit cards will come under the purview of the Reserve Bank of India’s Liberalized Remittance Scheme (LRS).

Now, expenses incurred in foreign currency through international credit cards will come under the Liberalized Remittance Scheme

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