What Is The Full Form Of LRS In Banking?

LRS full form in banking is Liberalised Remittance Scheme. It is this really cool idea that the Reserve Bank of India (RBI) came up with. It’s pretty much a legit way for folks living in India to send money to other countries. Just think about it. Let’s say you’re chilling in India and you need to send some money to a friend living somewhere else in the world. Or, perhaps, you’ve got your eyes set on some juicy foreign investment, or you’re planning to buy that dreamy villa in Italy, the LRS is your ticket to make that happen. Sure, it’s got its own set of rules and limits, but all in all, it’s a sweet deal for you to make those international money transfers.

What Else Should You Know About LRS?

With the LRS, you get to send a hefty sum abroad every financial year (and by that, we mean from April to March). Right now, you can send up to 250,000 US dollars in a year for all sorts of approved stuff without any major drama or red tape. What sort of stuff, you ask? Well, it covers quite a bit, from paying for your kid’s college tuition in an overseas university, covering medical expenses, to even giving money to your relatives abroad. You can also invest in foreign stocks and bonds, or make the leap and buy that property overseas.