Liberalized Remittance Scheme (LRS) was introduced in 2004 by the Reserve Bank of India (RBI) as a liberalization measure to facilitate resident individuals to remit funds abroad for permitted current or capital account transactions or combination of both. The Regulations are amended by the RBI from time to time to incorporate the changes in the regulatory framework. Remittance Limit under LRS: Under the LRS, the…
Managing finances in India as a Non-Resident Indian (NRI), Person of Indian Origin (PIO), or foreign national can often seem complex. However, the Reserve Bank of India (RBI) has well-defined regulations that provide clarity on the types of accounts non-residents can open. Understanding these accounts is crucial for efficient fund management, repatriability, and taxation compliance. Understanding NRI and PIO Status An NRI (Non-Resident Indian) is…
