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.

The Tejas is the second supersonic fighter developed by Hindustan Aeronautics Limited (HAL) after the HAL HF-24 Marut. As of 2016 the Tejas Mark 1 is in production for the Indian Air Force (IAF) and the naval version is undergoing flight tests for Indian Navy (IN).