An individual can
send remittances under the Liberalised Remittance Scheme(Lrs) for purchasing immovable property outside India.
Lrs implementation for buying foreign stocks in GIFT City/NSE/BSE could be
simplified and work as single click functionality.
Answer: A resident individual can
send remittances under the Liberalised Remittance Scheme(Lrs) for purchasing immovable property outside India.
Liberty Reserves(Lrs) were the company's electronic currency,
which could be converted back and forth between U.S. dollars or Euros.
Chidambaram, Liberalized Remittance Scheme(Lrs) was implemented, under which
a person was allowed to send out 2.5 million dollars every year.
Under Lrs, individuals can make remittances for overseas education,
travel, medical treatment, maintenance to relatives living abroad, gifting and donations.
Earlier, a system for daily reporting of individual transactions under the Lrs by banks was been put in place.
Currently, transactions under Liberalised Remittance Scheme(Lrs) are being permitted by Authorised Dealer(AD)
banks based on the declaration made by the remitter.
During 2015 and 2016, we saw a lot of companies
conducting pilot implementations to see if an xAPI/Lrs model would work in real organizations.
The agency, it is learnt, has concluded a major part of the investigation and
is awaiting replies to Letters Rogatory(Lrs) sent to the US and UAE.
However, till now, Authorised Dealers/Banks permitted Lrs transactions solely on the declaration made by the remitter and thus monitoring
of adherence to the limit was confined to obtaining such a declaration without independent verification.
A broad set of detailed learning and
performance data can be collected in a Learning Record Store(Lrs), which can then be easily
analyzed to drive a culture of continuous improvement and demonstrate L&D's impact on the organization.
In a landmark judgment,
in Mohd Laiquiddin v Kamala Devi Misra(deceased) by Lrs,(1) the Supreme Court has ruled
that on the death of a partner of a firm comprised of only two partners, the firm is dissolved automatically;
Pursuant to the announcement made in the first bi-monthly Monetary Policy Statement 2018-19 on April 5, 2018, a system for daily reporting of
individual transactions under the Liberalised Remittance Scheme(Lrs) by Authorised Dealer(AD)
banks has been put in place.
Amid the government's efforts to attract foreign direct investors as well as foreign portfolio investors(FPIs), the country witnessed its highest ever monthly outflow of
$1.69 billion under the liberalised remittance scheme(Lrs) by resident Indians in the month of July.
The representative of the Lrs pointed out that the media has highlighted the opposition
to only a few clauses and therefore the government is likely to dilute only those clauses but retain all other clauses which will make Maharashtra virtually a‘police state'.