Economics · Economy
Under Reserve Bank of India guidelines for the Liberalised Remittance Scheme (LRS), consider the following statements: Statement I: Any capital account remittance under LRS requires the individual to have maintained a bank account for at least one year. Statement II: Remittances made from Resident Foreign Currency (RFC) accounts count against the annual LRS limit of USD 250,000. Statement III: Remittances for gifts and donations are included within the annual LRS ceiling per financial year. Statement IV: A resident individual is permitted to open and hold a foreign currency account with a bank outside India to facilitate LRS remittances. Which of the combinations given below represents the correct set of statements?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1All statements are correct
- 2Only Statement IV and Statement V
- 3Only Statement III and Statement IV✓
- 4Only Statement I and Statement II
Correct answer
Only Statement III and Statement IV
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