Economics · Economy
An Indian management consultant relocates to Singapore for a 3-year abroad project with an intention to reside there for an uncertain period. Under the Foreign Exchange Management Act (FEMA) and Liberalised Remittance Scheme (LRS) guidelines, what is his regulatory status regarding the LRS facility?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The LRS facility remains accessible to all Indian citizens regardless of residence, provided income source is in India.
- 2He remains a resident for the first 182 days and can exhaust his full LRS limit of USD 250,000 during this window.
- 3Upon taking up employment abroad with an intention to stay for an uncertain period, he becomes a Person Resident Outside India (PROI) and loses eligibility for LRS.✓
- 4He can continue using the LRS facility up to USD 250,000 per year as long as he holds an Indian passport and an NRE account.
Correct answer
Upon taking up employment abroad with an intention to stay for an uncertain period, he becomes a Person Resident Outside India (PROI) and loses eligibility for LRS.
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