Understanding the Liberalised Remittance Scheme (LRS): Implications on NRI community

We are going to discuss Liberalised Remittance Scheme (LRS) of India and how it impacts the NRI Community.
What is the Liberalised Remittance Scheme (LRS), and how does it work?
What are the types of transactions that can be done under the LRS?
What is the limit for remitting money under the LRS?
Are there any restrictions on the usage of funds remitted under the LRS?
Can NRI/PIO remit money under the LRS for investment purposes in India?
What are the tax implications for remitting money under the LRS?
What are the penalties for non-compliance with the LRS regulations?
How can one report LRS transactions to the Reserve Bank of India (RBI)?
Can resident individuals also avail of the LRS facility?
Are there any exceptions to the LRS limit for certain types of transactions or individuals?
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