Economics · Economy
Consider the following statements regarding the Liberalised Remittance Scheme (LRS): I. Remittances for prohibited purposes under Schedule I of FEM (Current Account Transactions) Rules are not allowed. II. A resident individual can gift funds up to the LRS limit to any non-resident. III. Interest-free foreign currency loans to non-resident relatives with a minimum 1-year maturity are permitted under LRS. IV. Overseas charitable donations are permitted within the overall LRS limit of USD 250,000. V. Investments in equity of unlisted foreign companies are permitted subject to Overseas Investment Rules. Which of the above statements are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Only I and II
- 2Only II and III
- 3Only IV and V
- 4All statements are correct.✓
Correct answer
All statements are correct.
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