The Reserve Bank of India vide notification dated August 24, 2022 has re-issued Master Direction – Liberalized Remittance Scheme (LRS). The Directions was a liberalization measure to facilitate resident individuals to remit funds abroad for permitted current or capital account transactions or combination of both.
The Master Direction provides that the received/realized/unspent/unused foreign exchange, unless reinvested, shall be repatriated and surrendered to an authorized person within a period of 180 days from the date of such receipt/ realization/purchase/acquisition or date of return to India, as the case may be.
