Hence, to regulate transferring of funds within a specified limit, RBI brought the LRS.The transfer of foreign currency outside India is governed by the Foreign Exchange Management Act, 1999 (FEMA).Resident Indians or people resident in India are allowed to transfer foreign currency under the foreign exchange regulations.According to the prevailing regulations, resident individuals may remit up to $250,000 per financial year.It allows resident individuals to remit a certain amount of money during a financial year to another country for investment and expenditure.What is Liberalised Remittance Scheme (LRS)? As a result, banks are preparing their systems to monitor expenses made with international cards and collect the applicable tax on outward remittances.Starting from July 1, the Reserve Bank of India plans to implement a 20% tax on the Liberalised Remittances Scheme (LRS).
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