How is Liberalized Remittance Scheme Implemented

The Liberalized Remittance Scheme (LRS) is an initiative by the Reserve Bank of India (RBI) that allows Indian residents to remit money abroad for various purposes. This article explores how it is used by individuals to manage their Forex transactions effectively.

With the Muthoot FinCorp ONE platform, you can seamlessly buy, sell, reload Forex cards, and send money abroad. Let's dive into the details.

LRS is a scheme introduced by the RBI that permits Indian residents to remit a certain amount of money abroad without seeking prior permission. The scheme was implemented to facilitate individuals' Forex transactions for specific purposes, such as education, medical treatment, travel, investments, and gifting.

Key Features and Benefits of LRS:

a. Increased Limit: Initially set at USD 25,000 per financial year, the LRS limit has been increased over the years. Currently, individuals can remit up to USD 250,000 per financial year under the scheme.

b. Multiple Transactions: The LRS limit can be utilized for multiple transactions within the financial year, allowing individuals to manage their Forex needs effectively.

c. Wide Range of Purposes: LRS covers a broad spectrum of purposes, including overseas education expenses, medical treatments, travel expenses, investment in foreign stocks, purchase of property abroad, gifting, and more.

d. Convenient Documentation: LRS transactions require minimal documentation, simplifying the process for individuals. The necessary documents typically include a valid passport, PAN card, and a self-declaration form.

How to Utilize LRS with Muthoot FinCorp ONE:

Muthoot FinCorp ONE provides a seamless platform to leverage the benefits of LRS and manage your Forex transactions efficiently. Here's how you can make the most of it:

a. Buy Forex: With Muthoot FinCorp ONE, you can purchase Forex securely and reliably. Benefit from competitive exchange rates and choose between a multi-currency card or cash, depending on your preference.

b. Reload Forex Card: The platform allows hassle-free reloading of your multi-currency card, ensuring you have access to Forex whenever and wherever you need it. Say goodbye to currency conversion worries!

c. Send Money Abroad: Muthoot FinCorp ONE enables hassle-free international money transfers. Enjoy 100% secure transactions, guaranteed 24-hour transfers, and a simple process. Transfer funds to support family, pay for education, or invest abroad effortlessly.

d. Stay Informed: Keep track of the latest Forex exchange rates by downloading the Muthoot FinCorp ONE app or visiting their website. You can also stay connected through social media platforms such as Facebook, Instagram, Twitter, and LinkedIn to receive updates on their latest offerings.

Benefits of Using Muthoot FinCorp ONE for Forex Transactions:

a. Security: Muthoot FinCorp ONE prioritizes the security of your transactions, ensuring your Forex purchases, reloads, and money transfers are conducted in a safe and protected environment.

b. Competitive Exchange Rates: Enjoy competitive exchange rates that are regularly updated to provide you with the best value for your money.

c. Convenience: Access Forex services anytime, anywhere, whether you prefer physical cash, a multi-currency card, or international money transfers.

d. Global Acceptance: The multi-currency card provided by Muthoot FinCorp ONE is widely accepted across the globe, allowing you to withdraw cash from ATMs worldwide without any hassle.

The Liberalized Remittance Scheme (LRS) has revolutionized the way Indian residents manage their Forex transactions. With Muthoot FinCorp ONE, you can leverage the benefits of LRS to buy Forex securely, reload your multi-currency card hassle-free, and send money abroad with ease. Stay informed about the latest exchange rates and offerings through their app and social media platforms. Take advantage of LRS and make your Forex transactions convenient and efficient!

About Muthoot FinCorp ONE

Muthoot FinCorp ONE is an all-in-one digital financial platform that makes getting an MSME & a Gold Loan, investing in Digital gold & NCDs, making payments & remittances, buying insurance & exchanging forex, simple and convenient.

As an SBU of Muthoot FinCorp Limited, Muthoot FinCorp ONE is backed by a legacy stretching back over 135 years, and the trust of more than 1 crore customers and is building a holistic financial ecosystem using the latest digital products for lending, investing, protection and payments.

Muthoot FinCorp ONE continues to uphold the values of the parent, the Muthoot Pappachan Group (Muthoot Blue) by providing its customers with easily accessible services, replete with unmistakable quality. The Muthoot Pappachan Group is among India’s most reputed names in the financial services industry, with customers in diverse segments like Automotive industry, Financial Services, Hospitality, Alternate Energy, Real Estate, and Precious Metals.

So what are you waiting for? Head to the Play Store and download the Muthoot FinCorp ONE app. You can also visit the website today to know more.

Alternatively, you can also follow us on Facebook, Instagram, Twitter or LinkedIn to stay tuned to our latest offerings.

Chat on Whatsapp | Branch Locator | Email us - customercare@muthoot.com | Download App