Questions

LRS stands for - Liberalised Remittance Scheme.
LRS is a facility provided by the Reserve Bank of India for all resident individuals to freely remit certain amount in terms of US dollar every financial year for a permissible set of current or capital account transactions.
Note:
* In April 2018, the Reserve Bank of India (RBI) has tightened reporting norms for the Liberalised Remittance Scheme (LRS) under which individual can transfer up to US $2,50,000 abroad in a year.

* The purpose of tightening of norms is to improve monitoring and to ensure compliance with LRS limits.
* The scheme was introduced in February 2004 and its regulations are provided under Foreign Exchange Management Act (FEMA), 1999.

Jammu and Kashmir Rifles is an infantry regiment of the Indian Army. It is a truly historic Indian Regiment raised by Maharaja Gulab Singh, the founder of the Dogra Kingdom in 1820. Amongst all the princely State Forces of India, it was the only one to be absorbed into the Indian Army as a separate Regiment and did not lose its entity by merger into the existing Regiments of the Army.