Liberalized Remittance Scheme (LRS)
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Liberalized Remittance Scheme (LRS)

Before 2004, remitting funds to overseas countries for emergencies was a challenging and time-consuming process. Prior approval from the Reserve Bank of India was mandatory for executing remittance transactions those days. After realizing the importance of remittances across countries, RBI introduced Liberalized Remittance Scheme on February 4, 2004.  Through this article, you can understand more...

Are Remittances Taxable? 
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Are Remittances Taxable? 

For every individual, an urgency may occur to transfer money abroad at some point in their life for some purpose. Through swift transfer, one can remit money to overseas countries quickly. These outward remittances should be done on a secure banking network, limiting the chances of fraud and financial loss to the sender and recipient. ...