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Over the years, the limit for such remittance has fluctuated from USD 75,000 per annum to USD 250,000 per annum. The LRS limit can be availed for both current account transactions like travel, education, healthcare etc., and for capital account transactions like maintaining a foreign bank account, investments, purchase of property abroad etc.

Trading has emerged as a bright spot for Wall Street banks this quarter as clients look to rebalance their portfolios in the face of geopolitical tension, surging inflation and fears that aggressive Federal Reserve policy tightening could plunge the economy into a recession.

During the quarter under review, its total income rose to Rs 13,069.17 crore from Rs 10,643.17 crore a year ago.Expenses were also higher at Rs 10,566.64 crore as against Rs 7,233.55 crore in the year-ago period.Part of OP Jindal Group, JSPL has a significant presence in the steel, power, and mining sectors with investments of Rs 90,000 crore across the globe.

The company, part of the Anglian Omega Group, manufactures cargo and passenger electric three-wheelers and small commercial vehicle M1KA. Besides, it is in the process of launching an electric two-wheeler as well as trucks in the higher range.

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The Dow Jones Industrial Average popped 446 points, or 1.46%. The S&P 500 jumped 1.38% and Nasdaq Composite added 1.42% but stocks remained on track for weekly losses.

The Nifty Realty index was trading 0.45 per cent up at 419.55.

If the economy were to fall into a prolonged and deep recession, the stock market might plunge further and not recover for some time. Preparing for that eventuality may mean reducing your stock allocation - even now, after the market has fallen - if you will need to use the money soon.

“What is happening now is a long lost catch up of the service sector that was missing from action for a long time, plus, the lag effects of easy financial conditions. The government has focussed a lot on capex and bank credit growth is slowly picking up. So, in the near-term, growth looks fine and we should expect a strong momentum in the next GDP print or so.”

"Investors have turned their focus on upcoming Fed policy in the backdrop of heightened US inflation," said Vinod Nair of Geojit Financial Services.