Economics · Economy
Regarding the retention and repatriation of funds under the Liberalised Remittance Scheme (LRS), consider the following statements: Statement I: A resident individual is permitted to retain and reinvest income earned on investments made abroad through LRS. Statement II: Any part of remitted funds that remains unutilised for more than 180 days from the date of remittance must be compulsorily repatriated back to India. Statement III: Funds remitted for maintenance of close relatives must be fully spent within 30 days. Which of the statements given above are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1I, II and III
- 2Only II and III
- 3Only I and II✓
- 4Only I
Correct answer
Only I and II
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