Economics · Economy

Consider the following statements regarding Indian financial regulations: Statement 1: Tax Collected at Source (TCS) at a rate of twenty percent is applicable on all LRS remittances exceeding seven lakh rupees in a financial year, except when the remittance is specifically for the purpose of education or medical treatment, where the rates are lower or zero. Statement 2: A resident individual who has received foreign exchange as a gift from a non-resident relative can credit the same into an RFC (Domestic) account, provided the relative is a person of Indian origin or an Indian citizen residing outside India as defined under FEMA. Statement 3: Corporate entities in India are permitted to open and maintain Foreign Currency Accounts outside India for the purpose of executing project contracts or for meeting the expenses of their overseas branch offices without any monetary limit, provided they report the same to the RBI within ninety days. Which of the following evaluations is accurate?