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LRS stands for Liberalized Remittance Scheme. It is a scheme introduced by the Reserve Bank of India (RBI) in 2004 that allows Indian residents to remit up to USD 250,000 per financial year (April-March) outside India. The LRS is a popular scheme that is used by Indian residents to remit funds for a variety of purposes, including education, medical expenses, travel, and investments.

The LRS is a simple and convenient way to remit funds outside India. To remit funds under the LRS, an Indian resident can simply approach any authorized dealer (AD) and submit the required documents. The AD will then remit the funds to the desired destination.

The LRS is a valuable tool for Indian residents who need to remit funds outside India. It is a simple, convenient, and cost-effective way to send money abroad.

Here are the eligibility criteria for the LRS:

• The resident must be an Indian citizen.

• The resident must have a valid passport.

• The resident must have a valid bank account in India.

Here are the documents required for the LRS:

• Passport

• Bank account statement

• Proof of identity

• Proof of address

Here are the steps to remit funds under the LRS:

1. Approach an authorized dealer (AD).

2. Fill out the necessary forms.

3. Submit the required documents.

4. Pay the applicable fees.

5. The AD will remit the funds to the desired destination.

Here are some of the benefits of the LRS:

• Simple and convenient

• Cost-effective

• Wide range of permissible purposes

Here are some of the limitations of the LRS:

• The limit of USD 250,000 per financial year

• The requirement for a valid passport and bank account in India

Overall, the LRS is a valuable tool for Indian residents who need to remit funds outside India. It is a simple, convenient, and cost-effective way to send money abroad.