Liberalised Remittance Scheme (LRS) Under the Liberalised Remi | ECONOMY by VIVEK SINGH

Liberalised Remittance Scheme (LRS)
Under the Liberalised Remittance Scheme, all resident individuals (living in India from more than 6 months), including minors are allowed to freely remit/send up to USD 2,50,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of both. Remittances are permitted for overseas education, travel, medical treatment and purchase of shares and property, gift or donation etc. LRS allows sending/remitting money across borders, without seeking any specific approval (that is why the word liberalized).

India has allowed full current account convertibility and partial capital account convertibility. This does not mean that Individuals can send any amount of money abroad for current account transactions. Businesses can do any amount/value of current account transaction for import/export but there are restrictions on Individuals and may be individuals can also send more than USD 2,50,000 but then it may require specific approvals from the Govt and Govt. may deny that (and which is not under this scheme). But till USD 2,50,000 resident individuals can send money freely under LRS.

Electricity Amendment Bill 2021 which proposes amendment in the Electricity Act 2003 to delicense the power distribution sector is still at the cabinet level. Once the bill gets passed we will discuss in detail. But those who want more info on that can check this link: https://t.me/VivekSingh_Economy/3135

WTO 12th Ministerial Conference: It will happen in Geneva from 30th Nov. 2021. WTO's ministerial conference happens after 2 years but this time there has been a gap of 4 years. The last (11th) Ministerial Conference was held in Dec 2017 in Buenos Aires. There are several issues going on in WTO which will be discussed in this 12th Ministerial Conference and these have also been covered in my book.